A leading financial company have commented that bad debts are continuing to be rife as a result of increased personal bankruptcies in 2007.
PricewaterhouseCoopers (PWC) have commented in a new report that a third of banks admit that bad debts will continue to grow because of irresponsible distribution of loans to consumers.
In a candid statement, the group commented: "Traditionally the main reason for people defaulting on loans is divorce or unemployment but this time people are unable to pay their debts because they have simply borrowed too much."