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Debt problems grow for Scots as bankruptcies soar

07/01/2008

A record number of Scots applied for bankruptcy during 2007 as debt problems grew too big for many people.

Figures from accountants PKF released last week show that a total of 13,994 consumers in Scotland applied for bankruptcy during the last 12 months, the Herald reports.

Financial experts throughout Scotland are warning of more financial perils to come, with rising fuel prices and the continuing affects of the recent credit crunch predicted to hit consumers during 2008.

Bryan Jackson, corporate recovery partner at PKF, said: "Given that most individuals made bankrupt in the last year were people who had started getting into financial trouble in 2005 and 2006, we still have some way to go before the true impact of the credit crisis of last year is revealed."

According to Credit Action, more than 50,000 people filed for bankruptcy in the whole of the UK during the first six months of 2007.

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