Wednesday 9th March 2011
The latest crop of numbers from Credit Action, released last week, show that there has been an overall drop in debt problems in the UK since the same time period in 2010.
The striking statistics show that big steps have been taken in the tackling of debt in the past 12 months, however, most still provide food for thought.For example, the total number of purchases made using cards daily stands at a whopping £1,153,000,000, while someone is declared insolvent or bankrupt at least every five minutes.According to their latest monthly release, the number of people made redundant each day remains high, despite being down from 1,732 to 1,589, and 833,000 people were shown to have been unemployed for more than 12 months.Joanna Parsley, of Credit Action, said: “Monthly debt stats are a great tool for getting an overall picture of the state of play in the UK, when it comes to all things debt and money related. March’s stats show that compared with this time last year there are less people going through insolvency. In 2010 every 3.7 minutes someone went through insolvency. We now know that the rate has slowed to every 4.28 minutes which is good news for consumers.”The Citizens Advice Bureau (CAB) now deal with deal with 8,004 new debt problems each day, a decrease from the 9,500 that was reported this time last year.Young adults, from the age of 20-29 are the most likely to be in the red with 46 percent of this age group unable to stay in the plus. They are also the group most likely to remain in their overdraft, with 16 percent unable to get out of it.Joanna continued: “We also know that compared to this time last year total levels of personal debt have dropped – total household debt was £58,040 and it’s now £57,635. A fall of £405 is a significant drop and indicates that consumers have been trying to pay down their debts over the past year especially when interest rates are at historic lows.”Banks and building societies write off £24.88 million of loans daily and every 17 minutes a property is repossessed in this country.“Looking ahead this year looks to be difficult for many consumers. With high inflation and the cost of living rising - energy, petrol and food prices all on the up - consumers will continue to see their budgets squeezed. This coupled with unemployment fears and many changes to tax and benefits that will take place in April will see almost all household budgets change.“It’s so important that we look to budget our finances and review this regularly to ensure we’re on top of our money and in control of our spending. “Getting on top of our finances now and seeking free and independent help if needs be is a priority to ensure that consumers are not weighed down by the burden of over-indebtedness.”337 people every day of the year will be declared insolvent or bankrupt. This is equivalent to one person every 59 seconds during a working day.Manchester debt firm is liquidated owing creditors over £2.2m
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