Insolvency figures up slightly in first quarter of 2008

The number of people being declared insolvent has risen slightly in the first quater of 2008. It is the first time the figures have risen in a year. Despite the rise, it is worth noting that the numbers in this report are still over 13% lower than those of the first quarter in 2007.

Despite the contrast to last year, many experts believe the numbers will escalate as we contiune to see the effects of the credit crunch. Speaking of the figures, Capital Economics said they are likely to be the tip of the iceberg.

15,651 people were declared bankrupt in England and Wales in the same period, a 6.8% drop from the first quarter of 2007.

Sources: The Guardian, The Press Association, BBC