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.