BusinessPeople In BusinessChristmas excess boosts insolvencies

Christmas excess boosts insolvencies

Grant Thornton predicts Christmas stretch will be too much for 10,000 overstretched consumers

santa

Almost 30,000 individuals are set to become insolvent in the first quarter of
2007, almost 10,000 of them as a result of excessive Christmas spending,
Grant Thornton has said.

There were a record number of personal insolvencies in 2006, set to hit
100,000
for the first time ever.

Mike
Gerrard,
head of GT’s personal insolvency practice, said: ‘I think
insolvencies will carry on rising for a while yet, although they may well start
to plateau at the end of this year. Some people have been struggling with debts
for a while and excessive spending at Christmas could push them over the edge.’

Further reading:

Insolvencies
rocket in 2006

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