BusinessBusiness RecoveryCredit card debt to increase personal insolvency

Credit card debt to increase personal insolvency

Credit card debt has reached new heights, threatening to increase the already rising people entering into personal insolvency proceedings.

Link: Experts fear insolvency surge

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.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor