Debt: 10% increase in insolvencies predicted for 2010

July 7, 2010 - PRLog -- The survey, carried out by ComRes for insolvency trade body R3, comes at the same time as a report from the Bank of England which reveals that lenders are having to write off record amounts of credit card debt as the number of insolvencies rises.

Steven Law, president of R3, said: "We stand on the brink of a personal insolvency crisis that will take years to work through the system.

"We know there are nearly a million people out there who are struggling with their debt. While it may be the case that these problems are resolved without help, there is a risk that they might snowball out of control."

A debt expert at Think Money commented: "Insolvency numbers are rising rapidly, and there are many more people who are struggling without seeking help. We advise anyone having problems with their debts to get expert help before the situation can get out of hand."

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