UK debt judgments at 10-year high
The number of County Court Judgments (CCJs) against consumer debtors has reached its highest level in almost 10 years, figures show. According to a report published by the BBC, nearly 250,000 CCJs (the highest figure since 1997) were issued in England and Wales in the first three months of 2007 - up 9.5% on the same period a year ago. Lenders are using the courts more and more, according to the Registry Trust, and householders are struggling financially. Around 70% of the CCJs issued were related to credit.
That is an interesting point. In the UK, we seem happier to borrow money than to earn it. It has become so easy in the current economic climate to take out a loan, get a credit card or purchase on HP. You can’t have failed to notice that every other television advert is for debt consolidation, credit cards and loans. In the past 24 hours I’ve had 2 cold calls from call centres offering financial services, and the postman regularly delivers junk mail offering the same.
While loans and credit do have their place, the problem is that the debt can quickly build to a point where it becomes unmanageable. Many people see another loan, or another card as a solution to their money problems, when in fact it can only add to it.
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