Originally published February 21 2006
Financial debts are a staggering problem in the UK
by Mike Adams, the Health Ranger, NaturalNews Editor
Accountancy firm Grant Thornton predicts that 20,000 people in England will become insolvent by March, and 66,000 individuals will hit that point by the closing of 2006.
A debt-fuelled spending splurge at Christmas is set to push thousands of individuals into crisis and cause record bankruptcies in coming months as consumers struggle to pay off credit cards.
According to the accountancy firm Grant Thornton, at least 20,000 people in England and Wales will become insolvent by the end of the quarter in March, and 66,000 individuals by the end of 2006.
Both figures would be the highest since records of personal debt began 45 years ago.
Shoppers are thought to have been tempted into splashing out more than they could afford on food and presents at Christmas and on bargains in the new year sales.
After a slow start retailers reported brisk business in December, and the bill for Christmas is almost certain to top the �10bn of 2004.
The spree comes as personal insolvency surges at an annual rate of more than 30 per cent.
Citizens' Advice Bureaux are reporting "huge numbers" of debt calls, and the Consumer Credit Counselling Service predicts bankruptcies will double in the next few years.
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