North Wales Plagued by Debt Woes and Recession Troubles

Due to the mounting recession, businesses in North Wales have been shedding jobs at an alarming rate as they try to batten down the hatches and secure their bottom line. The effects on job seekers have been disturbing, with more than 60,000 citizens finding their way to the Citizen’s Advice Bureau of North Wales over the course of 2009, up more than 15,000 from last years numbers. These people seek help due to not only joblessness, but ever rising levels of truly severe debt.

In the first quarter of 2009, new figures show that an astounding 84% rise in redundancy enquiries has occurred. This shocking figure correspond with numbers released by professionals offering Individual Voluntary Arrangement help, many of whom have seen nearly 40% increase in applications for an IVA. Mortgage arrears and fuel debt are combining to push many towards the losing of their homes with agencies struggling to adjust to the sheer volume of requests for help.

The closings of Eaton Electric in Holyhead and smelting plant Anglesey Aluminum have generated job vacancies of more than a thousand lost positions. More factories closing and less manufacturing activity means jobs in North Wales are disappearing faster than new jobs can be lured into the area. This job loss phenomenon is placing more and more individuals at risk for not only losing their property, but having to head straight for bankruptcy as their debt continues to grow.