I read a report recently that the Debt Relief Order has attracted over forty four thousand applications in England and wales since it was first introduced back in 2009. It went on to say that it had been officially reported that Men and women between the ages of 24 and 34 were starting to use the Debt Relief Order to legally clear their debts whilst declaring themselves bankrupt.
Figures released by the insolvency service show that over 25% of people who have taken out debt relief orders fall into this age bracket. The organisation have recently launched a campaign called ” Dealing With Your Debt” aimed squarely at this age group amongst others and say that it is to encourage people to recognise their problems with debt early on so they can get help before it is too late.
Debt charities such as the Money Advice Trust and The Citizens Advice Bureau have both said that they are supporting it. The Consumer Credit Service (CCCS) are encouraging people to take notice of their debt issues early on and seek help straight away rather than putting it off before it is too late. In past years employment was more easily found so it meant these issues were not such a problem, and as most people in this age bracket had managed to get a foot on the housing ladder they were more likely to have a secure job and were possibly starting a family. This conception has changed drastically over the last eighteen months and there is far more insecurity, hence the introduction of the debt relief order.
The fact is these are very insecure times and as people living in rented accommodation can discover, costs that were once fairly modest are now more than you would expect to pay for a mortgage. With the advent of the Pay Day Loan it seems that people are feeding their debt by procrastination and instead of seeking advice they are using short term fixes, only to find they are falling deeper into the mire.
The debt Relief Order is not the only way to beat debt, if you’re feeling trapped it makes good sense to contact your local citizens advice Bureau as soon as you can, all advice is unbiased and free of charge.
About Den NicholsonDen Nicholson is the senior editor here at Beating Bankruptcy, Since Den Retired from his UK business in the UK he has been blogging about ways of beating debt and in the most extreme cases beating bankruptcy. As well as detailed articles you can catch all the latest news from the UK with a focus on debt issues.
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