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One person declared bankrupt every minute in the UK

Study shows that 331 people were made insolvent or bankrupt every working day in the third quarter of 2011

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18 January 2012

One person declared bankrupt every minute in the UK”

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One person is declared bankrupt every minute in the UK during the working week, according to new research.

National money education charity Credit Action has published figures for the third quarter of 2011 which show that 331 people were made insolvent or bankrupt every working day, the equivalent of one person every 60 seconds. There were also 101 property repossessions during the period.

A key factor behind the increase in the number of insolvencies was rising levels of unemployment, with 1,764 redundancies recorded between August and October 2011.

Michelle Highman, chief executive of Credit Action, said: "Our 'day in the life' statistics show the sheer scale of the financial problems faced in the UK and illustrate the numerous ways in which we are all vulnerable to the economic downturn."

Ms Highman advised those in financial difficulty to seek free debt advice from the Citizens Advice Bureau or the Consumer Credit Counselling Service.

Posted by Jack Ramsey

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