Malcolm Bruce

Liberal Democrats | Gordon

Bankruptcies in England soar since 1999 - Bruce

Liberal Democrat Shadow Trade and Industry Secretary, Malcolm Bruce MP, today highlighted the surge in personal bankruptcies in England.

The number of people declaring themselves bankrupt has shot up from 21,611 in 1999 to an incredible 28,017 in 2003 a rise of 30%.

Regionally the figures are even more startling. The regions with the greatest increases in bankruptcies are:

• South East 4,618 bankruptcies in 2003 a 57.6% rise since 1999
• London 1,933 bankruptcies in 2003 a 50.3% rise since 1999
• Midlands 4,187 bankruptcies in 2003 a 36.6% rise since 1999
• North East 4,581 bankruptcies in 2003 a 34.9% rise since 1999
• Anglia 4,191 bankruptcies in 2003 a 23% rise since 1999

Commenting on the rise, Malcolm Bruce MP said:

"This massive rise is a real cause for concern. It is a stark warning to people who borrow heavily on credit cards and store cards.

"People are borrowing to the very edge of their means and many are getting into debt way over their heads. It looks like it could be boom-time for the bailiffs.

"My advice is: think hard before you borrow. If there is another interest rate increase, will you be able to make your repayments?"