Saturday, February 04, 2006

British bankruptcies: 57% higher


The number of Britons becoming insolvent soared to its highest level since records began in the 1960s, according to British government figures released Friday.

More than 20,400 people in Britain went insolvent during the final three months of 2005, rising 15 percent more than the last previous three months.

During the period, 13,501 people went bankrupt, nearly 11 percent more than in the previous three months and 57 percent higher than the same period in 2004, the Insolvency Service said.

The number of properties repossessed by lenders had also risen by 22 percent during the second half of 2005

The rise in bankruptcies and people falling behind with credit arrangements has been blamed on a culture of flourishing credit, which has seen Britons build up debts of over a trillion pounds in mortgages, credit cards, loans and overdrafts, collectively.

2 Comments:

Blogger Doug Kunst said...

Lending institutions sent 14,999 default notices to state homeowners, up 19 percent from the third quarter and 15.6 percent from the comparable period of 2004. Defaults rose 13.3 percent year-over-year to 541 in Contra Costa County, and fell 6.7 percent to 456 in Alameda County.

California defaults peaked during the first quarter of 1996 at 59,897.

11:25 PM  
Blogger Doug Kunst said...

Is the UK the canary in the coal mine.

11:25 PM  

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