What To Expect in 2007

The UK can expect to see a whopping 30,000 people declare themselves insolvent in the first three month quarter of 2007. Of this number it is predicted that 10,000 of these people will declare insolvency due to debts acquired over the 2006 festive season.

2006 brought on many fiscal changes for the UK. Unemployment figures were high, utility bills rose, interest rates sky-rocketed and 110,000 claimed cases of insolvency occurred resulting in £1,268 billion of debt. All of these ongoing changes have resulted in adding an average £1 million to the nation’s debt every four minutes. That’s £340 million every day!

It may come as a shock to most people that 27% of 2006’s debt will pile up before 25% of 2007 is over. One can only assume that the rest of the year’s figures will continue to rise, making 2007 an even higher year for insolvency.

Myvesta UK