A recent report from PricewaterhouseCoopers suggests that consumers in the UK need to pay more heed to signs of impending personal debt.
During the months of January and March of this year, a total of 25,264 people in England and Wales went bankrupt or entered into an individual voluntary arrangement (IVA), information from the government's insolvency service indicates.
"Consumers need to realise the consequences of entering bankruptcy or an IVA and the wide ranging impacts it can have on their lives,” commented Charles Turner, director in business recovery services. “These can range from difficulties in getting a mortgage to not being able to make routine purchases," said Mr Turner.
The data released represent a 1.7 per cent increase on the previous quarter, but a decrease of 13.2 per cent on the same period a year ago, the report indicates.
People should make time to seriously examine their personal budget, and to try to structure it realistically according to their earnings, Turner suggests. He further commented that, in relation to the country’s economy, personal insolvency figures are becoming "too high to be sustainable in the long term," the report concluded.
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