News of higher credit card debt comes just one month after the Department of Trade and industry published its quarterly insolvency figures. The DTI statistics show 7,903 people were declared bankrupt in the second quarter of 2002.
The survey by the British Bankers’ association shows credit card debt increased by 16% in the last year with the average card holder owing £1,400. In July 2001, the year-on-year increase in credit card debt was 18%.
Credit outstanding totalled £43.7bn at the end of July as UK consumers own 59 million cards altogether.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children