Bankruptcy Hotspots Reside Beside The Sea.

Bankruptcy Hotspots Reside Beside The Sea.

November 27, 2013 by Sandra

With the rest of the UK appearing to be on the upward slope, it seems that those left behind all seem to live beside the sea. Falling behind the rest of the UK economically, residents of UK coastal towns are topping the bankruptcy charts.

New research from Wilkins Kennedy has shown the top bankruptcy towns are all ports or seaside resorts. Torbay has been announced with the highest level of personal insolvency, 54 bankruptcy cases per 10,000 residents. Following closely behind were Rhyl & Prestatyn with 53, Scarborough and Blackpool both at 48 and the new city of culture, Hull at 44; but perhaps that does accurately summarise British culture at the moment.

The decline of coastal towns has been steady over the last few years, with tourists abandoning UK destinations in favour of cheap overseas flights, and continual restrictions on the fishing industry have worsened the issue. The figures have highlighted the plight of the UK’s coastal resorts; bankruptcies are twice the national average and for every Padstow there are many more Torbays. Analysts believe the biggest problem coastal town’s face is usually caused by the lack of permanent employment.

If you or anyone you know if struggling financially, then our specialised personal debt advice team will be able to help. There are many options available to individuals struggling financially and we will be able to guide you to the best solution. If you need help, contact us.

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