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Friday, 17 August 2007 |
By Abbi Rouse
 Consumers are more open to the idea of filing for bankruptcy, an industry expert has indicated.
According to Duncan Philp, senior consultant for Macbeth Currie, the rising popularity of borrowing has led to Britons becoming less concerned about becoming insolvent should they find themselves unable to handle their day-to-day finances and make repayments on loans. He added that a rising number of borrowers are "loading up credit cards" due to the increasing availability of the lending product.
He said: "Bankruptcy, whether from a business' or an individual's point of view, does not have the same fear or the stigma attached to it. If you go back ten years or so everybody would have been terrified to have been made bankrupt. Now it just seems to be a modern phenomenon that people are perfectly happy to go through and a few years down the line they're back with money again".
The consultant added that consequently a lot of young people view having previously filed for bankruptcy as "a badge on their collar" when they are looking to go into business. In turn, he reported that |
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Last Updated ( Friday, 17 August 2007 )
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