Summary
There has to be a way out of these "unperforming debts", as the banks call them. Bankruptcy is an obvious route, and one that an increasing number of the under-thirties are taking, although the consequences for their creditworthmess will haunt them long into the future. Even insurance companies asked for a simple car-insurance quote now inquire: "Are you currently the subject of a bankruptcy order or have you ever been bankrupt?"
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Extract
A Tale of Two Nephews
I have two nephews of roughly equal ages, in their early twenties. One is £17,000 in debt; the other has no debts. The reason why one has no debts is not due to his financial probity or juven...
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