The new figures from Credit Action show that the number of people experiencing severe debt and having to take out an IVA or Individual Voluntary Arrangement as a consequence, has soared.
The official numbers from the group show an average of 330 people are becoming insolvent each day with 30,075 individual insolvencies (bankruptcy or IVA - Individual Voluntary Arrangement) in England and Wales in the first quarter of 2007 on a seasonally adjusted basis. This was an increase of 23.9% on the same period of 2006.
It was widely anticipated last year that this will once again be a record year for personal insolvencies in the UK, and these figures confirm many analysts worsts fears.