The number of individuals applying for insolvency jumped to the highest level in almost three years in the first three months of 2017, in a further sign of the mounting financial pressure facing UK households.
Personal insolvencies in England and Wales totalled 24,531 between January and March, up 6.7% on the previous quarter and 15.7% higher than the same period a year earlier. It was the highest number of individual cases since the second quarter of 2014, according to the Insolvency Service, which published the figures.
The rise comes at a challenging time for UK households, as incomes are squeezed by a combination of rising inflation and weak pay growth. The annual inflation rate is 2.3% and expected to rise to 3% in the coming mo…
Read the full article at: https://www.theguardian.com/money/2017/apr/28/personal-insolvencies-debt-pay-inflation