Coastal towns and cities have experienced the worst levels of personal backruptcies for the second year running.
Hull, Blackpool, Plymouth and Eastbourne have been placed at the top of a list of fifty UK towns and cities that have seen the highest numbers of personal bankruptcies during the last twelve months.
This is the second year in a row that coastal areas have experienced the highst levels of bankruptcies and personal debt problems.
These findings released by Wilkins Kennedy, an accounting firm, add to further research by R3, the insolvency trade body, which has found that nearly half of all Brits run out of money within 20 days of being paid and 40% of adults struggle to get through the month on their income.
This is likely to lead to an increase in the number of bankruptcies over the next six months, says John Fairhurst, Managing Director at Payplan, a debt solution providers.
High levels of unemployment and immigration, coupled with poor social mobility are thought to contribute to the gowing debt problems in coastal towns and cities.
There are a range of debt solutions available to those who are experiencing worsening financial circumstances such as taking out an IVA, pursuing a debt management plan, or as a last resort, filing for bankruptcy.
“The secret is to nip a financial issue in the bud, the longer it is left, the bigger it becomes,” advises Mr Fairhurst.