Debt: rise in bankruptcies amongst over-45s

New research has suggested that the over-45 age group is experiencing a significant rise in the number of people going bankrupt.

The research, carried out by accountancy firm Wilkins Kennedy, claimed that the number of bankruptcies in the over-45 age group increased by 124% between 2004 and 2008.

By comparison, the overall number of bankruptcies - across all age groups - rose by 89% in the same period.

A spokesperson for debt management company Gregory Pennington said: "We would expect to see a rise in bankruptcies over the course of the downturn, but people may be surprised to see that the over-45s have been particularly badly affected.

"No age group is immune to debt problems - to some extent, we all face the same difficult economic conditions. The important thing is that anyone who does find themselves struggling gets advice from a professional debt adviser as soon as possible."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.