The number of new insolvencies dropped at the end of 2007. During the final quarter of 2007 'only' 25,000 people became insolvent, a fall of 16.4% against the same quarter in 2006, says the Insolvency Service.
This took the year's total to just under the previous year's record of 106,645 people and is the first year since 1996 that this total has decreased year on year.
But with a slowing economy, it is expected that unemployment may rise and with it personal insolvencies. Add to this the global credit crunch and it is expected that over 2008 the number of insolvencies will rise.
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