Briton goes bankrupt every minute

Thursday, June 3rd 2010

Britain's turbulent economic situation over the last two years has been highlighted by new figures from Credit Action.

The financial statistics provider has used its June report to reveal 391 people in the UK are declared bankrupt or insolvent every day.

This figure is equivalent to one person suffering the fate every 51 seconds during the working day.

In addition to the news, the Citizens Advice Bureau has confirmed it dealt with almost 10,000 new debt-related problems every day during the past month.

To avoid becoming one of the negative statistics, consumers and business leaders may wish to use sites such as Money Village to ensure they are getting the best available deals.

According to Credit Action, the average household debt in the UK is now £57,915 - some of which could be secured on property and other assets.

A report by the Times recently noted Britain's recession in 2009 was the steepest the country has endured in 88 years.