One person made bankrupt or insolvent every four minutes in Broke Britain

One person made bankrupt or insolvent every four minutes in Broke Britain

TrustDeedScotland.net, the leading introducers of Scottish Trust Deeds have released a new debt infographic demonstrating some of the key facts affecting the country's personal finances at the present moment.

Every four minutes in the UK, one person is made insolvent or bankrupt whilst at the same time, for every household in the UK every 4 minutes the average debt goes up by 11p.

The graphic pulls information taken from Credit Action, the national money education charity and also shows that whilst an average 4.41 people are also made redundant every four minutes, in the same period we are still spending 3,202,778 with our credit cards and accruing 497,222.22 of personal interest.

The regulators of personal insolvency in Scotland, the Accountancy in Bankruptcy (AiB) reported in 2010 that the insolvency rate in Scotland was still at a record high.

No official Trust Deed statistics have yet been released in 2011, however according to TrustDeedScotland.net, the number of people enquiring about Trust Deeds and Debt Arrangement Schemes have significantly increased in recent months.

The initiatives both use government legislation to freeze creditor interest and to repay debt in Scotland. A Trust Deed can also write of up to 90% of an outstanding debt.

This has prompted the group to launch the infographic in an attempt to educate more people about the dangers of unnecessary credit card expenditure, whilst highlighting the availability of debt help through the Trust Deed and DAS initiatives.

An analyst for Trust Deed Scotland said "The statistics highlight that while as a nation, we are still spending, our debts are increasing and the threat of redundancy still looms.

The personal indebtedness is slowly increasing but we are living on borrowed credit and sooner or later it will leave people with an insurmountable debt problem.

We are urging people to deal with their finances at an early stage and to live within their means and to avoid becoming another Broke Britain personal insolvency statistic.

If you do however find yourself in a situation where you have lost control of your finances, we will be there to help and assist you with your debt problems."

You are free to republish this infographic provided that you acknowledge Credit Action as the provider of the information and TrustDeedScotland.net as the provider of the illustration.

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