Northern Ireland Identified As A Debt Hotspot

Tue, 05 Apr 2011

Northern Ireland is one of the UK's personal debt hotspots, according to the Consumer Credit Counselling Service (CCCS).

In a recently released report, the debt charity said it dealt with more bankruptcy cases in NI than anywhere else in the UK and revealed that many people in the country are unable to meet their monthly outgoings and are at risk of falling into further debt .

Its statistics for 2010 showed that London had proportionally the highest level of demand for debt advice and the second highest level of demand for bankruptcy support last year, while Northern Ireland saw the highest levels of bankruptcy and individual voluntary arrangement (IVA) recommendations.

The figures also revealed that London and Northern Ireland were the only two regions where CCCS clients, on average, did not have sufficient income to cover their living expenses.

CCCS spokesperson, Una Farrell, said: "Many people suffer from a budget deficit and as a result they sink into a bigger hole each month."

"There are a lot of myths around why people get into debt in terms of overspending but this is not always the case."

"In most cases it is an income shock, maybe people have lost their job through redundancy or have had a marital breakdown."
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