A glimmer of light for struggling borrowers

The Personal Insolvency Bill offers a series of solutions for debt-ridden individuals and draws a distinction between secured and unsecured debt, writes Emma Kennedy.

29th January, 2012
A glimmer of light for struggling borrowers
Many cash-strapped householders are struggling to pay even basic monthly bills. Photo: Thinkstock

The publication of the top line detail from the forthcoming Personal Insolvency Bill has cast some light on the plight of those battling with debts. With almost €3 billion owed on Irish credit cards and 8.1 per cent of private residential mortgage accounts in arrears for more than 90 days - not to mention the balances owed on personal loans and car loans - Ireland is a hugely indebted nation.

As part of Ireland's bailout package, the...

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