05 November 2005
Number of broke Britons rises by almost half.
The number of people filing for insolvency in the UK has risen by 46% over that last year, reports the Guardian.
"The ease with which you can obtain credit nowadays is a real problem and there are no central records so people often lie on credit card applications," said Louise Britten, a partner at insolvency group Baker Tilly. "The other problem is that we live in a 'want now, have now' society where nobody saves up for anything any more. They just buy it and worry about paying for it later."
Yes, and Labour used to be the party that kept a tight hold on personal credit, as well as being the party of strict exchange controls. This tied in very nicely with the working class ethos of saving for what you want and not going into unavoidable debt. Let's hope that post-Blair the Labour Party will get back to all its economic basics.
In the meantime, let's be honest, this is yet another Little Nell moment for the rest of us.