Finances and Divorce

The high rate of divorce in the past in Britain is a major factor leading to increasing debt, a new report said recently.

The debt without Direct said that the failure of marriages is an important factor behind people's economic problems, which suggests that many will have to take a debt consolidation loan after the completion of divorce proceedings.

Debt counseling agency has announced that those who are divorced are more likely to be third in the event of failure. Among divorced women are more at risk of execution.

Females are 14 percent more likely to suffer financial ruin and are 26 percent less likely to qualify for an individual voluntary arrangement, which can avoid bankruptcy.

Large debts incurred by a previous partner are the main cause of financial problems, even after a divorce, finding a direct free debt excessive debt is a former underlies almost three in ten U.S. bankruptcies kingdom.

Typically, the ratio of people to take a debt in joint names with your partner, do not ever believe that the relationship ends. But when the effect of divorce or separation can seriously increase the impact of the debt problem, said a spokesman Derek Oakley.

Mr Oakley advised married or divorcing couples to take steps to protect themselves from the poor to finance their partner.

For example, he said, even after a divorce, many couples continue to credit cards and / or customer cards in common names.

When the distinction is important to notify credit card company to finish the paper. If you do not do this, it may well be made in payment of the debt to your ex partner has run up.

The report contradicts previous assumptions that the debt is compounded by a growing consumer society, culture and relaxed attitude to credit.