Friday, August 6, 2010
Things can only get worse!
Number of people being declared insolvent rises on credit crisis anniversary
The number of people declared insolvent has risen as the credit crisis marks its third anniversary. A total of 34,743 people were declared insolvent during the three months to the end of June, 5 per cent more than during the same period a year earlier, according to the Insolvency Service. The figures are lowered than the previous quarter, but experts suggested worse is to come as public spending cuts come into effect.
Posted by mark @ 11:35 AM (989 views)
4 thoughts on “Things can only get worse!”
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mark says:
Interestingly the BBC put some spin on it
http://www.bbc.co.uk/news/business-10890955
“Personal insolvencies drop 3% in England and Wales”
charlie brooker says:
And were there any banks among the names listed?
Nope, because the very people they lent way too much money to (the very saps now going bankrupt) are the very people paying to ensure the banks themselves do not go bankrupt.
Its an insane system where evidently, the banks can have their cake and eat it.
miken says:
I agree with the article. Virtually nothing can be read into current economy statistics until the effects of the cuts are felt.
Let’s all pay for Libours binge and see what state the economy is in.
greenshootsandleaves says:
All it takes is for a TV programme to explain how relatively quick, cheap and easy applying for bankruptcy can be and, lo and behold, the number of bankruptcies goes up!