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Personal insolvency levels rise to record highs

It has been revealed that personal insolvency numbers in the UK are now at the highest level since records began and could get much worse before they improve. During 2009 just over 35,000 people have taken advantage of the various debt relief orders and bankruptcy proceedings available with a 6.2% rise in the three months to September 2009 compared to the previous quarter.

The figure of just over 35,000 is a shocking 28% higher than the same period last year and indeed some people believe the figure could reach as high as 130,000 over the next couple of years. This is the stark reality for many consumers in the UK who have built up debt over the years and are now paying the price for "reckless spending" in some cases. While the UK government has introduced various options for those in financial trouble the truth is that those going down the debt relief order route or bankruptcy will have their credit ratings impacted for years to come.

Those who believe the UK debt issue will peak in 2009 could be in for a shock in 2010 which many people expect to be worse than 2009 on the personal insolvency front.

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