Bankruptcy epidemic hits Derry
DERRY'S spiralling debt crisis has sparked a bankruptcy epidemic in the city.
An alarming number of helpless families have found themselves financially squeezed to a point where their only option is to seek bankruptcy to clear debts.
In the first three days of this week alone, nine people presented at Derry's Citizen Advice Bureau to apply for bankruptcy.
Jackie Gallagher, of CAB, says the number of clients seeking help each day with crippling debts has almost doubled since last year. She says an alarming number of people in the city have seen their disposable income "wiped out by the pressing economy".
"This is the worst depression I've seen in Derry for a long, long time," she said. "We are snowed under - our debt management team is busier than ever - our queues are going out the door."
She added: "Usually, bankruptcy is seen as a deviation from the norm but now people really see no other way out, no other way to veil their helplessness. The numbers seeking bankruptcy are increasing at a rapid rate. We can't get away from the fact that Derry is drowning in debt."
Meanwhile, Economy Minister Arlene Foster has announced that funding for free debt advice is to double to help deal with the effects of the credit crunch.
"The additional resources now being made available will increase the capacity of the sector to deal with the ongoing problem of over-indebtedness in our society," she said.
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Weather for Derry
Sunday 12 February 2012
Today
Cloudy
Temperature: 5 C to 8 C
Wind Speed: 6 mph
Wind direction: West
Tomorrow
Cloudy
Temperature: 6 C to 9 C
Wind Speed: 17 mph
Wind direction: North west
