Almost 64,000 bankrupt Brits in just 12 months

175 victims every day

Rocketing: Compared to Q2 in 2008 when the crunch first kicked in, bankruptcies have rocketed by over 12% from 15,463 to 17,341.

Creeping up: 8.8% increase in individual insolvencies in the last three months from 24,893 to 27,087 - over 2000 more victims.

Daily misery: Today alone, another 275 people will declare themselves bankrupt or insolvent and 121 homes will be repossessed - this has almost doubled from 74 six months ago.

Crunch time: If insolvency rates continues at the same level there will be at least 106,505 casualties this year.

Consumers urged to seek help: uSwitch.com's debt advice centre can help consumers deal with debt and manage their money more effectively.

New figures published today by The Insolvency Service reveal that 27,087 people have fallen victim to the insolvency epidemic with 9,746 IVAs and 17,341 bankruptcies reported.

Bankruptcies have seen the highest increase in the last three months soaring by 12.1%.

According to price comparison and switching service uSwitch.com, individual insolvencies will reach at least 106,505[4] by the end of the year if they continue to rise at the same rate over the next three months.

For these people, insolvency means they have already reached financial stalemate.

For others, the current economic climate in the UK is quickly pushing them towards this fate.

Today alone, a further 275 people will fall victim to insolvency today and 121 homes will be repossessed.

Consumer debt has now reached almost ?1.5 trillion, a figure that is increasing by ?1 million every eight minutes, so it's no surprise that consumers are struggling to make ends meet.

Louise Bond, personal finance manager at price comparison and switching service uSwitch.com, says: "It's worrying that so many people are resorting to individual insolvencies, be it an IVA or bankruptcy, to resolve their personal debt problems.

These measures should always be the last resort for anyone with financial problems as they have a very serious impact on people's credit histories and their ability to borrow in the future.

In the case of bankruptcy, it could also impact on employment prospects.

"At the moment, consumers are being hit from every angle with price hikes across all areas.

This may be making many people feel that their finances are simply out of control.

If people find themselves in financial difficulty the worst thing they can do is ignore the problem and hope it goes away.

It won't.

Banks have a duty to help people in financial hardship and free debt advice is readily available from organisations such as the Consumer Credit Counselling Service, National Debtline and Citizen's Advice.

I would strongly urge people to start taking action before they reach financial breaking point." uSwitch.com's debt advice centre can give consumers a helping hand on budget management, how to best prioritise financial commitments and guidance as to the options best suited to their situation.andnbsp; For more information visit www.uSwitch.com or call 0800 093 06 07.

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