Credit binge blamed for bankruptcy

Bankruptcies fell 6.1 per cent over 2002-03 new figures show, however, personal insolvencies relating to credit rose by 12.5 per cent. The prime reason for personal insolvency was unemployment followed by over-use of credit, domestic problems and ill health. The largest increase was in the excessive use of credit, mainly amongst 25-34 year olds, which led 5,291 people into bankruptcy. This compares with 4,707 in the previous year.

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