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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

More people facing bankruptcy

04/12/2008

New figures from the Ministry of Justice show that the number of people facing bankruptcy rose by 7% in the third quarter of 2008, compared with the same period last year.

In total, 13,653 people in England and Wales petitioned for bankruptcy in the three months to the end of September – the second-highest number recorded by the Ministry of Justice since 1995.

Howard Archer, chief UK and European economist at Global Insight, stated that bankruptcies are set to rise further in the coming months as the effects of the recession set in.

A spokesperson for Debt Advisers Direct said: “There has been a noticeable rise in insolvencies as the financial crisis has developed, and this highlights the need for people to tackle their debts early.

“In many cases, speaking to a professional debt adviser can prevent people’s debts from getting to the stage where bankruptcy becomes a likely prospect.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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