The number of people being declared insolvent has risen by more than a fifth. In the second quarter 22,503 people were made insolvent, 22 per cent higher than the same period in 2015, and a 6.9 per cent increase on the first three months of 2016. It was the fourth quarterly rise in a row, although insolvency rates remain relatively low by historical standards.
R3, the insolvency trade body, said the rise was concerning. This is the most sustained rise in personal insolvency numbers since the financial crisis, Andrew Tate, president of R3, said.
Although interest rates are at record
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