Bankruptcy is “becoming more and more palatable” to those in serious debt, according to Thomas Charles.
The debt consultancy reports that although claiming to be bankrupt can seem like a good solution for people in the short-term, there are other options such as individual voluntary arrangements which reduce the risk of losing their home.
It claimed that the stigma surround bankruptcy is decreasing and becoming more socially acceptable.
James Falla, managing director of the consultancy, commented: “I think the stigma around debt, to be honest, is becoming less and less.
“Certainly in the last two years. Buy a new sofa on credit and nobody blinks an eyelid.”
According to recent research by Thomas Charles and YouGov, 15 per cent of Britons are in serious debt – £10,000 or more.
Overall, men were found to be in more debt than women but the study found that this male attitude was changing.
It also claimed that a quarter of Britons will avoid spending on
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