Figures released today by the insolvency trade body R3 show that 31% of personal insolvencies that occur in March have been triggered by overspending during the festive season.
Experts in insolvency predict that there will be over 150,000 personal insolvencies in the UK in 2010.
An R3 spokesman added “The stigma of insolvency means that many wait up to six months before admitting they have a problem - for many people in financial difficulty it is the biggest hurdle preventing them from seeking help. Sadly, the longer people take to get help, the fewer solutions are available to them.”
Nick Pearson from debt solutions experts Baines and Ernst commented “before anyone decides to go bankrupt they should seek specialist advice from a professional debt solutions provider such as Baines and Ernst as there may be better ways for individuals to deal with their debt problems than by going bankrupt.”