This Friday sees the release of the annual insolvency tally for 2009, with more alarming statistics expected to highlight our ongoing struggle with over-indebtedness.

Did you make the 2009 Honours List?

As a result of our appetite for credit, and the bank’s willingness to feed it, individual insolvencies in England & Wales have more than doubled since 46,650 people were declared insolvent in 2004. 2008 saw a total of 106,544 people either declared bankrupt, or using Individual Voluntary Arrangements to reduce their debts, (an increase of 128% in four years).   

Figures for the first three quarters of 2009 suggest that the past year will be another record-breaker, with at least 130,000 people expected to have been declared insolvent.

The 2009 figures would surely be much worse, were it not for artificially low interest rates, which are currently enabling many to keep their heads just above water and remain solvent. With 2010 likely to see these extraordinary measures gradually being removed, record bankruptcies will continue to make future headlines.   

The 2009 insolvency figures will be released by the Insolvency Service Friday 5 February 2010 at 9.30 a.m.