Almost one in ten Germans is bankrupt

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Almost one in ten Germans is bankrupt

Almost one in ten adult citizen of Germany was bankrupt. These data are contained in a study presented Nov. 4 German organization for the protection of creditors’ rights Creditreform.
According to the “Debt Atlas of Germany – 2010”, over the past 11 months, the number of borrowers who were unable to repay the loan, increased from the previous year by 300,000 to 6.5 million.

The main reason for failure to repay the loan, according to experts Creditreform, as before, remains the loss of a job. His role is also played by increased social security contributions for health and pension insurance, the increase in rents, which reduces the ability of consumers to repay the loan.

In the next two years, despite improved economic conditions, expect a decrease in the number of insolvent debtors, as noted in the Creditreform, is not necessary. On the contrary, given the government announced a program of fiscal austerity, the continuing growth in housing prices and labor market conditions, this number will increase.

The percentage leader in the number of insolvent debtors among the federal lands in 2010 turned out to Bremen, where the proportion of those who found themselves unable to repay the loan was 14.13 percent. Least of all insolvent debtors in Bavaria (7.06 percent), Baden-Wuerttemberg (7.46 percent) and Saxony (8.37 percent).

Among the German cities the largest share of insolvent debtors accounted for Bremerhaven: 18.46 per cent of total citizens. In second place is Wuppertal – 17,8 percent. In general, the study found that the average German cities, the proportion of insolvent debtors are significantly higher than in metropolitan areas.

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