Friday, Aug 07, 2009
A record number of people declared insolvent
Yahoo: More than 33,000 declared insolvent
A total of 33,073 people went insolvent during the three months to the end of June, the highest level since records began in 1960, said the Insolvency Service. The figure represented a 9% jump on the previous quarter and was 27% higher than a year earlier, as the combination of the economic downturn and the credit crunch continued to take its toll on people's finances. Corporate failures also rose by 39% year on year, with 5,055 companies going into liquidation on a seasonally-adjusted basis, the highest level since the Insolvency Service began recording data in this way in 1998.
Posted by mytimeisnigh @ 06:48 PM (602 views) Add Comment
4 Comments
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1. mr g said...
And quoting the Express front page of 06/08/09: "HOUSE PRICE BOOM STARTS AGAIN"
Isn't that just dandy?
2. britishblue said...
We used to have the 'Haves' and the 'Have nots' And then as John Prescot infamously said, 'we are all middle class now.' I am starting to wonder whether the a new breed of Haves and 'Have nots' is emerging and whether this will create different housing markets for the future. Traditionally Have nots lived in Council housing or low cost housing. Today, many of these traditional have nots are being submerged in both negative equity, loan debt and credit card debt. Credit cards in particular now are charging an average of 24.9% on roll over balances to pay for bad debts. The traditional 'Have nots' have also been worst effected by the economic downtun both in the rises a year ago in the cost of basic goods, fules, etc and being more at risk on the employment front. It is difficult to see how a Have not can get out of a debt spiral, especially as banks and credit card companies are resorting to extortion in terms of interest payments, etc. So I am wondering whether places like Luton could see house prices spiralling downwords for years whereas place like Hampshire may see a much more moderate adjustment.
3. Eternal Sceptic said...
I cannot equate all these much quoted 'green shoots' with headlines like the above. This would be nothing to do with an election next year could it?
4. vacuouspolitician said...
britishblue @2
I'm inclined to agree with you about the "haves" and "have nots" rather than the so called class system. I don't believe in a so-called class system...it's all b******* designed to put people down and keep them down. Beside there are very few people who don't work and who can have a standard of living that is very comfortable and pleasant without working. I find it very sad that ordinary people are the victims of this mess (housing and economy). Many have worked hard for the crumbs under the table and these seem to now be taken back by all the spivs and leeches who seem to call all the tunes. So yes we are a nation of "haves" and "have nots". As a nation we seem to have forgotten about each other...there is no collective approach to problems... just protection for the "haves" and to hell with the "have nots".
I really don't like what this country stands for anymore...and it's about time the ordinary people in this country stood up for what they believe in...the answers don't lay with a great majority of politicians who don't represent ordinary people and haven't for loads of decades. They also don't lay with most of the establishment who are tarred with the same brush. It's a big exclusive club and if you aint in it you're nothing. How can it be right to rip people off and try to deny them the basics in life? (food, shelter, warmth).
I'd be interested to hear what the views are of others on this site...am I wrong thinking this?