Record Bankruptcies In The UK
A pair of BBC reports tells the tale of debt overwhelming the British economy. "The number of people going bankrupt in England and Wales has hit another record high during the first three months of 2005, official figures show."
Steve Treharne, head of personal insolvency at KPMG said, "It is interesting that these statistics are released just over a week after official government figures reveal there has been a 35% increase in mortgage possession actions on the same period last year."
Kurt Obermaier of the Credit Services Association noted, "I think many people have spent too much on their homes and if something goes wrong in their lives, such as they lose their job, they can find themselves in problems very quickly."
"Worries about debt levels have been growing and accountants KPMG said a 'black cloud of debt' hung over the UK. 'These figures do prompt the question of where this is all going to end,'" said Treharne.