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More people 'could declare bankruptcy'

There is a high likelihood that more consumers will face financial difficulty in 2008 and could face bankruptcy, according to financial services supplier ADDIDI Wealth.

Anna Sofat, founder of ADDIDI Wealth, said that if credit was not made available to consumers then there was a "real danger" that many people could be in financial trouble.

She went on to say that the increasing cost of day-to-day living - including food, fuel and household bills - was significantly contributing to this rise.

Ms Sofat commented: "Last year there were already more people declaring themselves bankrupt or having voluntary arrangements with their debtors. There was a substantial increase last year and I expect that this year."

Debt management company TDX recently published a report into consumer debt and estimated that currently one million people in the UK are struggling with debts on average of £25,000 and that the total amount of debt amounted to £1.4 trillion.

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02/05/2008 13:29:12

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