2 May 2008
A large number of Britons will get into debt and have to declare themselves bankrupt this year as the credit crunch tightens its grip, it has been claimed.
Such a development could take place because it is now more difficult to obtain credit and those already in trouble will not be able to refinance, suggested ADDIDI Wealth.
While there was a "substantial" increase in the number of consumers who were in this situation last year due to debt on items that may include credit cards, the firm said, this is a trend that is likely to continue.
Founder of ADDIDI Wealth Anna Sofat stated that the general price of living has risen in recent times and this is something that will be hard to ignore.
"The cost of living has gone up, mortgages have gone up, food bills have gone up, fuel has gone up, so it has become less affordable," she commented.
In April, TDX Group published a report that suggested the number of individuals getting in to debt as a result of the credit crunch in 2008 could double.