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August 2nd, 2012 
FAKE NEWS for the Zionist agenda
By
Becky Barrow
18:09 EST, 1 August 2012
|
01:51 EST, 2 August 2012
Spiralling insolvencies among younger women shows the changing attitude to debt, warn economists
The number of women plunged into insolvency is equal to the number of men for the first time in history, official figures are expected to reveal on Friday.
The landmark highlights an extraordinary social change in Britain from a time when a female bankrupt was ‘virtually unheard of’ to the current debt explosion among women.
The report, from the accountancy firm RSM Tenon, says its analysis shows around 28,000 people were declared insolvent between 1 April and 30 June.
For the first time, its authoritative analysis shows 50 per cent were women and 50 per cent were men. The official figures will be published by the Government’s Insolvency Service on Friday.
Mark Sands, head of personal insolvency at RSM Tenon, said: ‘In the late 1980s, a woman becoming bankrupt was very very unusual. It was virtually unheard of.’
He said the spiralling insolvencies among women shows the changing attitude to debt among younger women, compared to the more frugal attitude of their mothers and grandmothers.
Mr Sands said: ‘Among the older age group, many women are still living in a traditional world where it was men who took out the credit cards, paid the mortgage and the bills.
‘Women were only given pin money. Among younger women, that approach is history.’
In their late twenties and early thirties, many people’s parents had got married, bought a home, had children and started to build up a pension.
But their children have little chance of getting onto the property ladder, have large debts and are unlikely to be able to afford to pay into a pension.
RSM Tenon’s figures show how two-thirds of insolvencies among the youngest age group aged 18 to 25 are women.
Between April and June, there were 958 female insolvencies, compared to only 563 male insolvencies.
Experts say it is not driven by women buying sports cars and luxury holidays, but using credit cards to plug the gap in household budgets
Debt experts said it is not driven by women buying Ferrari sports cars and luxury holidays to the Maldives, but a sign of how women are struggling to survive the double dip recession.
Una Farrell, from the debt charity, the Consumer Credit Counselling Service, said: ‘The rise in women going insolvent is not because they have been going crazy with a credit card.
‘It simply because they have been struggling to make ends meet and often using credit to plug the gap in their household budgets.
‘This is not sustainable and is why so many cannot repay what they owe.’ Since the credit crunch began, the number of unemployed women has jumped from around 710,000 in August 2007 to 1.1million today, according to the Office for National Statistics.
Women dominated the public sector who account for around two-thirds of the State workforce which is being cut by the Government’s austerity drive.
Mr Sands said the change has also been fuelled by the introduction of a new type of insolvency in April 2009 called a Debt Relief Order, which appeals to many women.
They are only an option for people who have almost no assets, who cannot pay their debts and, crucially, have no prospect of their situation improving.
Strict criteria include having debts of less than £15,000 and only £50 or less of disposable income left each month after paying essential bills, such as rent and heating.
The long-term impact is massive, because the black mark on your credit history lasts for six years. This means you are unlikely to be able to take out a mortgage, a credit card or a loan.
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I started my own business, then my marriage broke up and the first part of the recession hit all at once. I had virtually no income, a house to run by myself with around £1000 going out before food, and nobody to help. At that point I had a spotless credit rating. You bet I used credit cards. Unfortunately, I got caught out when juggling two interest-free cards. One of them reduced my credit limit to virtually nothing as I hadn’t used it for a while and the other one promtly put my interest rate up from zero to 30% AND changed the payments to pay off more of the capital. The result was a minimum payment of £150 a month increasing to almost £400. I had to come to an arrangement with them, and they registered a default so I cannot get creit anywhere anymore. They refused to reduce my interest rate despite the fact I’d been a loyal customer since 1997 and never missed a payment in over ten years. I had no choice but to live partly on credit and although I’m not proud, I’m not ashamed.
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I blame Gordon Brown – he encouraged the country to live on debt along with the banks. He also encouraged single parent households by encouraging divorce as the state stepped in to act as the economic provider and the men could go off feckless like and start another family or whatever they do. This has left many women struggling to make ends meet as single parents often and now facing mounting bills, job losses, reduction in hours etc etc. Its all very well living life large when there’s money sloshing about – a very different situation when economic reality strikes. The other real annoyance is wealthy “bankrupts” who don’t exactly appear poor even after doing time etc – still the large house, cars, kids in private school etc. Where’s the shame?
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They just wanted more money to buy more ‘stuff’ and went a bit crazy! Now they’ll know what it’s like not being made of money.
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It’s simply a case of them trying to live in a mans world now, equality and all that, and not having the business acumen to handle it.- Mark, UK, 2/8/2012 … did you read the part that says womens bankruptcy levels are the same as mens? So it sounds like men and women have the very same amount of “business acumen”. Don’t mean to pick holes, but also it is either a mans world or there is equality – they’re not the same thing.
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People are going bankrupt because since Labour (gordon brown I believe) changed the rules it is easier and is no longer a stigma. How many times do you read of people running up thousands of debts; going bankrupt; and then able to do it all over again….and do. Easy peasy way of spending money you don’t have. Years ago it was a dreadful stigma to go bankrupt; the people who usually were made bankrupt were people whose businesses had gone to the wall….not just spendthrifts, although of course there may have been some. My marriage broke down and I lost my husband through him being made bankrupt; his partner absconded with all the money, and he couldn’t get people to pay their outstanding bills..i.e. he had a dreadful cash flow problem. He was made bankrupt; he came home from court and cried on my shoulder; he then disappeared…….. I was left with 2 children to raise. I still get angry when I read about people mindlessly spending and getting away with it.
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It’s simple – we used to consider credit as debt, now we look upon being in debt as a form of credit. Owing money is no big deal to people now and it should be. Suze, Kent, 02/8/2012 01:11============Totally agree with this comment. My parents thought having stuff ‘on tick’ was a source of shame. I have sympathy with people who are in debt from buying necessities, though.
– Marie, Staffs. UK, 02/8/2012 06:44 There’s the added problem of not being able to get credit if you don’t have debt. I struggled to get a credit card after realising I had neither and overdraft nor a credit card (I travel for work and sometimes expenses don’t come through on time. Also, I realised if anything happened to me overseas, I would be in trouble without a backup) and the reason I was told I was having problems to get a card or and OD was because I had no debt to begin with and therefore no credit history despite always paying all my bills on time. The mind boggles.
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“changing attitude to debt among younger women, compared to the more frugal attitude of their mothers and grandmothers”, Nothing to do with ‘attitudes’ but everything to do with social/financial circumstances: Women were not ‘allowed’ to get credit in their own name alone until 1973, and for some time after that companies still would not accept females for credit without the signature of a male, into the 80s and females were still seen as too risky unless they had a man’s income in the financial equation if they [woman] were not very high earners: That would explain why the female forebears of the modern debtor was so ‘frugal’. A great many of the ‘young’ female debtors today will be lone, working, mothers trying to make ends meet for their children..ditto single fathers.
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We once imprisoned people who couldn’t pay their debts.Now look ! Another NuLab legacy,where bankrupts can carry on with their lives and it has no stigma.High time we turned the clocks back and made it an offence punishable in the worst cases with a term inside.
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Oh dear Husbands will become “in demand” again by these women quite soon one suspects. Watch out guys!
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My children have several friends who think nothing of taking out larger and larger loans purely so they can carry on going out three times a week. With attitudes like that this story doesn’t surprise me in the least.
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