10,000 Britons bankrupt in first quarter

[lovuian]

http://feeds.bignewsnetwork.com/?sid=20e0ee4b6e0cf808

Big News Network.com Saturday 7th May, 2005 (UPI)

More than 10,000 Britons went bankrupt in the first quarter of 2005 -- the highest quarterly figure on record, officials said.

The Department for Trade and Industry said so far in 2005, 37,886 people had declared bankruptcy, a 30 percent increase from 2004, the Daily Telegraph reported Saturday.

"The first quarter there was a 24.5 percent rise in bankruptcy -- 10,091 compared with the same period last year.

Economists and accountants blamed the trend partly because the bankruptcy law was amended by the government that made bankruptcy more attractive, and partly because of the high level of consumer debt.

The accounting firm Price Waterhouse Coopers estimated the level of British bankruptcies would hit 50,000 by June
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Wow what an increase talk about Dickens times I think he called it "Bleak House"

[Anarcho-Socialist]

1. I think that credit laws should be tightened significantly

The ethos of capitalism (materialism) is causing people to aspire to lifestyles beyond their means and are using credit to do it. This is done without any means of paying back the credit card loans.