Insolvencies at high

[Brian Turner]

Scary.

Personal insolvencies in England and Wales have surged to their highest level in 40 years, figures have shown. The Department of Trade and Industry (DTI) said 8,740 people were made bankrupt in the three months to June - up 29% on the same period in 2003.

Company insolvencies fell 17% over the same period, the DTI said.

Experts said the rise in personal bankruptcies may reflect recent interest rate rises, which have made loan repayments more expensive.

Soaring personal debt - which broke through the £1 trillion barrier at the end of July - and rising interest rates are proving a heavy burden for consumers, said accountancy firm PricewaterhouseCoopers (PWC).

More: http://news.bbc.co.uk/1/hi/business/3542288.stm

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Watch out for the crash in high street sales this Xmas.

Clare