Bankruptcy Amongst Young Rising

The number of under-30s filing for bankruptcy has nearly doubled over the last couple of years, according to accountancy firm PricewaterhouseCoopers. An article over at the BBC shows that of all bankruptcies, 15% were accounted for by the younger generation, and that a growing number of women are being declared bankrupt.

One of the reasons put forward for the figures, which included the highest number of bankruptcies in more than 40 years for the first 3 months of this year, is that the stigma attached to bankruptcy is no longer much of a deterrent. Despite this, bankruptcy still has repercussions on credit ratings, meaning a nil credit rating for 6 years. As this would affect your ability to take out a mortgage, credit card etc, bankruptcy is certainly not something to be taken lightly.

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