Boomed!

[_V_]

http://news.bbc.co.uk/1/hi/business/6323493.stm

The number of people who were declared insolvent in England and Wales rose to a new record of 107,000 last year.
That was a 59% increase on the year before, when 67,500 people went bust.

The rise was mainly due to a sharp increase in the number of people entering individual voluntary arrangements (IVAs).

The number of individual insolvencies also rose in Scotland and Northern Ireland, though not as fast as in England and Wales.

It is widely expected that the rising trend of personal insolvencies will continue this year.


We've never had it so good!

I wonder what the UK would really look like if you removed the £1,000,000,000,000 of personal debt?

[Sockpuppet]

Thank **** to those of us who can live within our means

[wendigo100]

Thank **** to those of us who can live within our means

Indeed. But what worries me about IVAs is that there's less incentive to avoid impossible debt in the first place, encouraging more feckless borrowing, higher house prices, etc, etc, moan, moan, ...

And who ends up paying for the unpaid debts?

[Spartacus]

Indeed. But what worries me about IVAs is that there's less incentive to avoid impossible debt in the first place, encouraging more feckless borrowing, higher house prices, etc, etc, moan, moan, ...

And who ends up paying for the unpaid debts?

It's all for the good. The more the debt bubble inflates the greater the carnage when it bursts.

Patience is all that's needed. Those who keep their heads will clean up in the aftermath. A bit like US "reconstruction" companies in Iraq.