Obviously, the credit crunch has been felt throughout the UK and experts are warning that it generating significant increases in stress levels as more and more are faced with bankruptcy and various financial ailments.
According to research from BUPA, stress levels amongst those in the UK have increased significantly since the onset of the credit crunch as more and more people’s finances become untenable and they are faced with the very real threat of bankruptcy. Fortunately, however, there are numerous steps that can be taken to help offset the likelihood of bankruptcy in the form of schemes such as individual voluntary arrangements or debt consolidation loans. It is important to realise how the stress of being in significant debt is affected consumers across the country and all methods should be employed to help steer heavily indebted individuals clear of the perils associated with declaring bankruptcy. Those who file for bankruptcy shouldn’t do so in haste because there is a plethora of consequences that are likely to arise from being made bankrupt which will invariably make it hard to get back on your financial feet; which will only serve to increase stress levels. Using schemes, such as an IVA, which don’t have the same implications as bankruptcy, may be a more viable option for dealing with monetary problems.
Bankruptcy – Keeping Stress to a Minimum
It is clear that having any form of financial arrears can be demoralising and stressful but when it has gotten to the stage whereby bankruptcy is a viable option, the stress levels are likely to be through the roof. It is imperative, however, to be level-headed when faced with the threat of bankruptcy and to seek the counsel of debt management professionals who will offer advice and assess your applicability for schemes such as IVAs and credit card consolidation which will help to avoid the precarious financial problems that go hand in hand with declaring bankruptcy. For example, those who declare bankruptcy will be unable to work in certain sectors, will have the fact that they have been made bankrupt published and may struggle to get credit for many years. With individual voluntary arrangements, there are no such ramifications and debts are often cleared in as little as 60 months.
Bankruptcy – Fear of Redundancy
Obviously, with the impending recession, many workers are worried about being made redundant. Many of these workers will already be in financially perilous positions and losing their job may be the catalyst for facing bankruptcy. For those in this position, it is prudent to speak to debt management professionals who will offer advice which will be pertinent to helping to avoid bankruptcy.