People aged between 35 and 44 are more likely to be made bankrupt – or take any other form of individual insolvency – than any other age group in England and Wales, according to the Office of National Statistics . At an age where we are supposed to be most financially responsible and spending savvy, this age group is suffering from debt problems more than any other.Why is this? When you think about it, it’s perhaps not that surprising that bankruptcy rates are highest within the 35 to 44 age bracket. What’s the thing that many of us are busy with through this period of our lives? Bringing up children , of course. And that’s a big financial responsibility, on top of any others you might already have, such as mortgages, loans, bills, cars: the list goes on. However, not all parents get into debt so what is it that makes one person more likely to become insolvent than another? Obviously, people who habitually spend above their means will find themselves on the ...
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