BusinessBusiness RecoveryUS personal bankruptcies rocket up

US personal bankruptcies rocket up

US personal bankruptcy filings for 2002 have increased by 6% on 2001 figures to a record 1.5 million, a federal agency has announced.

Link: Fears surface over personal insolvency surge

The Administrative Office of the US Courts claims that mounting consumer debt has contributed to the figures. Personal bankruptcy cases accounted for 97.6% of all US bankruptcy cases.

And despite a spate of high-profile corporate bankruptcy filings, business bankruptcies declined by 4%, to 38,540.

The US consumer debt behind the increases rose to an all-time high of $1.7 trillion (£1,000bn), with revolving debt accounting for $711bn of that amount.

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