According to the BBC, fewer people were declared insolvent in England & Wales in the first 3 months of the year, although experts predict a rise later in the year with job losses expected to increase and austerity measures continuing to take effect.
There were 30,162 personal insolvencies in the first quarter, down 1.7% on the previous 3 months and the fourth consecutive quarterly fall.
There has been a sharp fall in the number of people choosing the traditional route of bankruptcy and the number of people choosing individual voluntary arrangements has fallen too. However, the new style of insolvency for those with relatively low debts – known as a Debt Relief Order – grew in number.
Separate figures released in April showed that personal insolvencies also fell in Scotland.