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Q2 'saw 5% yearly rise in personal insolvencies'
Between the second quarter of 2009 and the same period of this year, personal insolvencies in England and Wales went up by five per cent, figures have revealed, which may interest those considering debt consolidation.
According to new research published by the Insolvency Service, individual insolvencies totalled 34,743 during the three-month period of 2010.
Of these insolvencies, debt relief orders accounted for a figure of 6,295, the organisation has announced, with bankruptcies said to be responsible for 14,982.
In addition to this, individual voluntary arrangements were responsible for 13,466 of personal insolvencies in the two nations.
Meanwhile, the Insolvency Service has also confirmed a number of details concerning company insolvencies in relation to the year's second quarter.
The body's seasonally adjusted figures show that the period witnessed 4,080 creditors' voluntary liquidations and compulsory liquidations in England and Wales alone.
When it comes to personal finance issues, a Moneyfacts.co.uk spokesperson recently told credit card users that they will need to check that they will be able to meet their repayments.