January Debt Statistics revealed

16/01/2012

One person is declared bankrupt every 60 seconds in each UK working day, new figures reveal.

Credit Action, which has released its January Debt Statistics, has highlighted that 331 people are officially made bankrupt or insolvent every day throughout Britain.

Based on the latest available data, it seems that outstanding personal debt in the country stood at £1.451 trillion at the end of November 2011.

Whilst this may be less than the same period in the previous year – when personal debt stood at £1.455 trillion – Citizens Advice Bureaux has revealed that it dealt with 8,652 new debt problems every working day during the year ending September 2011.

88 people every day become unemployed for more than 12 months during the year ending October 2011 and a total of 1,764 people a day reported they had become redundant between August and October 2011.

The rise in redundancies is likely to have a corresponding increase in the number of people facing debt problems during 2012 and beyond.

Tags; Current UK Economy, Income Worries and Debt, Debt Management and Banking,