/24-7PressRelease/ - LONDON, UK, February 06, 2008 - Personal insolvencies in England and Wales continued their fall into the fourth quarter as well. The individual insolvencies fell by 3.9% when compared to the third quarter and by 16.4% when compared to the figures a year prior.
In the third quarter of 2007, the total individual insolvencies in England and Wales were 26,072 on a seasonally adjusted basis, which again in turn, were lower than the second quarter figures by 3%. The experts say although the number may have fallen down but people falling in debt traps could rise.
George Johns, an economist at Barclays Capital, said: "We are forecasting small increases in unemployment as the economy slows, so we would expect the insolvency data to pick up over the course of 2008. There is also a risk that the effects of the credit crisis will exacerbate the magnitude of any future increases, as sub-prime borrowers struggle to refinance loans as they roll-off more favourable deals."
Several hikes in the interest rates over the past two years have affected the borrowing costs, and people have been subjected to higher instalments on their mortgages, secured loans and _b_personal loans_/b_.
The figures also show that company liquidations in the fourth quarter increased by 0.3% when compared to the third quarter.
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