5 2 mins 10 yrs

I note that Northern Ireland has been identified as one of the UK’s personal debt hotspots in a report by the Consumer Credit Counselling Service (CCCS).

The charity said it dealt with more bankruptcy cases in NI than anywhere else in the UK. The report found many people are unable to meet their monthly outgoings and are at risk of falling into further debt. CCCS spokesperson, Una Farrell, said people did not usually ask for help until the problem was very serious. “Many people suffer from a budget deficit and as a result they sink into a bigger hole each month.

This seems accurate as my understanding is that personal bankruptcy cases here have been rocketing since late 2008. In many instances, people feel that their finances run out of control and without help they end up in despair. Losing your job is a central element in this context, and remember more than 35,000 have lost their jobs here since that time.

People need help and above all else, they need jobs. That’s why I believe that the role of politicians is to enable the wealth-creating sector to create as many productive jobs as possible. This requires some basic degree of financial literacy and that is a commodity is short supply amongst politicians. Perhaps the reason for this is that so few politicians here have actually ran a company, known the stress of employer and employee first hand.

People in debt are people who require help before things get out of hand. In a civilised society, we should be ensuring that help is afforded in terms of debt restructuring in the first instance and then finding employment prospects. It’s not complicated but it is a priority,

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5 thoughts on “THE DEBT HOTSPOT

  1. I wonder if the figures might be distorted by southerners going north to declare bankruptcy. The rules were reformed by the British government to make bankruptcy easier as as of yet Ireland has not followed suit.

    So people have been advised quietly to set up in the uk and then declare. I wonder if the convenience of the north north is making it the obvious destination. It might be worth investigating.

  2. So if elected you’d push and provide credit services at how much cost to the tax payer, and how much more money would you give to legal aid for bankruptcy and insolvency cases to get people the help they need. Is this the fresh thinking, taking away money from other areas ie health or education to provide these services?

    Could you spell out for us the type of help you’d give people who are near bankruptcy? Will you provide them with employment to cover the arrears and live or will you provide money to things like CAB?

    Just wonderin’ about the practicalities is all…:)

  3. 1. Here’s a thought. Maybe if DUP/Sinn Fein understood the need to help small and medium sized local business prosper there might not be so many insolvencies.
    2. Here’s another thought. Where have DUP/Sinn Fein BEEN when all these people have been in meltdown?
    3. There is little, if any need, for State funding but that does not mean assistance cannot be afforded to those such CAB who do a pretty decent job.

  4. Mr. Vance, I realize ‘cutting taxes’ often comes off as vague panacea for many economic ills but what are the levels of government regulation and legal liability in N. Ireland and the rest of the UK? Even in comparison to the US, they seem high and are barriers to entry to the market for small businesses, no?

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