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One in 60 face bankruptcy in the UK

The full depth of the UK recession has been revealed over the last few days with the revelation that one in 60 of the UK population face bankruptcy. However, the massive number of people in this situation looks set to get worse before it gets better. This is the first time we have seen the actual figures released to show the substantial rise in both bankruptcies and IVAs across the UK but the one in 60 comment has certainly hit home.

The problem with regards to bankruptcies and IVAs relates to a decade of unbridled credit and cheap mortgages which have pushed more and more people to the verge of serious financial trouble. Homes are being repossessed, debt agencies are chasing more and more people in the UK and life in general has become much tougher. When you also consider the fact that energy prices and general living costs have increased dramatically over the last 12 months, this is very much a recipe for disaster.

Not only will the increase in bankruptcies and IVAs have a serious impact on the tax revenue for the government but it will also increase the dependency upon social security payments which will put further pressure on UK finances.

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