Number of bankrupt British families hits record
Sat Feb 4, 1:56 PM ET
LONDON (AFP) - The number of British households declaring bankruptcy because of an unmanageable burden of debt hit a record high last year, according to official figures
The total of 67,580 bankruptcies was 45 percent up on 2004 and the highest since the statistic began to be recorded 45 years ago.
Analysts warned the figure could hit 100,000 in the current year, a new rise of almost 48 percent.
Steve Treharne, head of personal insolvency at consultants KPMG, said Saturday: "The bankruptcy bubble is getting bigger, but seems unlikely to burst for some time yet."
The number of households who saw their homes repossessed because they could not meet their mortgage repayments rose by 22 percent in the second half of 2005 to 5,630.
The total for the year was 10,260, 70 percent up on 2004.
Those who fell behind on their mortgage payments increased 20 percent between the first and the second half of 2005.
British households' private debt soared to 1.130 trillion pounds (1.650 trillion euros, 2.011 trillion dollars) following the Christmas season. On credit cards alone it stands at two-thirds of the total in the whole European Union.
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