More debt problems on the coast

Many people find the idea of spending their holidays beside the seaside fantastic. However, living at the UK seaside might not be a good idea because a recent survey has shown that it’s the residents of the coastal areas of the UK who have the record number of loan arrears, insolvencies, and bankruptcies.

The survey, carried out by Wilkins Kennedy, has revealed that coastal towns of the UK are the leaders in the list of top 50 areas for personal loan debt problems.

Blackpool, Plymouth, Eastbourne and Hull are the towns with the highest number of residents who have loan arrears and defaults and 2010 is the second consequtive year that these areas have been at the top of the lists for debt problems.

Still, the figures revealed by the leading association for insolvency R3 prove that not only coastal towns can’t cope with managing their finances. Nearly half of British people see no other ways out but to take out personal loans or use their credit cards because about 20 days after getting a monthly salary they run out of money.

John Fairhurst of Payplan says the debt problems could aggravate. Although bankruptcy has long been a problem, the future prospects are not promising as government cut backs will result in job losses and for many this will translate into financial plight.

 


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.