UK debt: One person declared bankrupt every minute

Friday, 13 January 2012 09:59

One person is being declared insolvent or bankrupt every 60 seconds during the working week, according to new estimated made by Credit Action.

The company took a snapshot of UK debt in the 12 months to September last year and found that there were 101 property repossessions and 1,764 redundancies.

Some 88 new people entered the ranks of the long-term unemployed, while 1,779 Consumer County Court Judgments were issued and Citizens Advice Bureaux in England and Wales dealt with 8,652 new debt problems every day.

Meanwhile, 331 people were made insolvent or bankrupt, equivalent to one every 60 seconds each working day.

However, it could be that this figure gets worse, because there were also 26.3 million plastic card purchases during the period.

Chief executive of Credit Action Michelle Highman said: "Our 'day in the life' statistics show the sheer scale of the financial problems faced in the UK and illustrate the numerous ways in which we are all vulnerable to the economic downturn."

She urged anyone experiencing problems to seek free debt advice from the Citizens Advice Bureau or the Consumer Credit Counselling Service.

Last month, the Insolvency Service found that one in four people turning to Debt Relief Orders is now aged between 25 and 34, more than any other demographic.

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