Insolvency increase hits resort hardest

23/07/2018

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More people become insolvent in Blackpool than anywhere else in the North West. 

This is the sad conclusion of the latest report into the awful consequences of debt getting out of hand. 

Insolvency means you can’t pay your debts and, while there are a few options of how you deal with it, none of them are particularly nice. 

It can cost hundreds of pounds in legal and professional fees to sort out, and can impact on everything from your ability to pay for day-to-day living, to your relationships, work and even future job prospects. 

As ever, it’s better to avoid this extreme if possible. One way of doing that is by avoiding high-interest rates from payday loans companies, doorstep lenders and rent-to-buy shops.

I know it’s hard to balance a budget when faced with salary freezes, benefits caps and the other problems affecting those on low incomes. But resorting to fast loans with high repayments and no flexibility, is a sure way to rack up further debt. 

In an area with a credit union - like here - we should always be the first port of call. We want to help people become savers and avoid debt in the future, but often a loan is needed to start that process. We provide fair and affordable credit and will work with you to address problems before the debt takes over your life.

 

For information about our affordable loans click here