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02/09/2009
Insolvencies 'happen every four minutes' |
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A person becomes insolvent in the UK at a rate faster than one in every four minutes, according to new data.
The detail comes from debt advice charity credit action, which stated that a person is declared bankrupt or insolvent every 3.97 minutes.
This is happening while the sum of Britain's personal debt increases by £1 million every hour and 52 minutes, while the average amount owed per adult in Britain is 130 per cent of average earnings.
People faced with a severe personal financial crisis may wish to speak to an insolvency lawyer about what the best way forward for them is.
Bank of England figures out this week revealed the first reduction in UK personal debt in 16 years during July.
Commenting on this, head of credit cards at consumer website moneysupermarket.com Peter Harrison commented: "It is encouraging to see a reduction in UK consumer debt levels although this doesn't mean that the love affair with credit is at an end."
Written by Pauline Adams
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