Tuesday, 27 October 2009

Rising UK debt

Debt in this country is rising rapidly, thanks Gordon. The banks are OK, it looks like big banker's bonuses are still on the cards, it's just us average Joe's that you aren't interested in helping.

"A record 33,073 people in England and Wales were declared insolvent during the three months to the end of June, sparking predictions that the total number of individuals to go bust would break the 130,000 barrier by the end of the year." - "Insolvency figures hit record high", The Guardian, 7th. August, 2009.

Most of those poor people (no pun intended) will go down the IVA route rather than bankruptcy. Around 30% of IVAs fail resulting in bankruptcy anyway (I've seen some figures that estimate this as being nearer an astonishing 60%).