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Cardiff Bankruptcy Levels Hit Record High
November 5, 2007 12:00 AM
Bankruptcy figures released over the weekend from the Government's Insolvency Service reveal that a record 410 individual bankruptcies occurred in Cardiff and the Vale over the last quarter - three times higher than bankruptcy rates in the same area 15 years ago under the Conservative Government.
Commenting, Jenny Willott MP, said:
"This shockingly high number of new bankruptcies is a direct result of the growing debt time bomb Labour has allowed to build up over the last 10 years.
"The last quarter is the first time ever that more than 400 bankruptcies occurred in a single quarter in the Cardiff and the Vale.
"Every year, people in Wales spend around £3.7 billion just servicing the interest on their debt. Total national personal debt is now 164% of people's disposable incomes.
"This is clearly an unsustainable situation. If it continues to remain unchecked, many more will be pushed over the edge into bankruptcy and many others will be facing endless financial misery servicing the interest on debts that they simply cannot pay off.
"The Government cannot afford to sit back any longer. The dubious practices of some credit and loan companies needs to stopped and people need easy access to quality financial advice.
"In addition, the Government's benefits system needs serious simplification to cut down on fraud and error levels and to ensure that vulnerable families on low incomes receive all the benefits that they are due."
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