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Christmas excess boosts insolvencies

Alex Hawkes, Accountancy Age, 03 Jan 2007

Grant Thornton predicts Christmas stretch will be too much for 10,000 overstretched consumers

Almost 30,000 individuals are set to become insolvent in the first quarter of 2007, almost 10,000 of them as a result of excessive Christmas spending, Grant Thornton has said.

There were a record number of personal insolvencies in 2006, set to hit 100,000 for the first time ever.

Mike Gerrard, head of GT's personal insolvency practice, said: 'I think insolvencies will carry on rising for a while yet, although they may well start to plateau at the end of this year. Some people have been struggling with debts for a while and excessive spending at Christmas could push them over the edge.'

Further reading:

Insolvencies rocket in 2006

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