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Cornwall Tops Bankruptcy List

news - money

Published by the Pirate FM News Team at 2:30pm 28th December 2011.

The number of people going bankrupt in Cornwall doubles in five years.

Latest stats show more than a thousand people got into trouble in 2009.

The Duchy tops a list for the worst rates in the country.

Graham Tierney from our Citizens Advice admits we're facing a debt crisis: "We have ever increasing housing costs. Other costs also going up, you know water charges, council tax. People that are already under pressure, it's adding more and more pressure to that, and incomes are shrinking and disappearing in lots of cases.

"We're going to be, I think, facing a lot more unemployment. But also, once interest rates start to rise, lots of people are going to be in that trap, particularly families with children who've taken on large mortgages that are just on the limit. They're just managing at the moment, once interest rates go up it's a different story."

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