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After one hell of a 10 year + party of spending credit on plastic cards, a large portion of Brits have seen the curtains drawn on all those meals out to restaurants, home gadgets, new cars, holidays etc, etc…. and what a hell of a hangover is going to be suffered.

It’s been spend, spend, spend for some folk as their house prices rose up on the back of nothing and as we see house prices now come down from cloud 999, the money has dried up, the credit cards have been stopped, the banks have closed their lending doors and the borrowing rates have remained high….. so what are we starting to see an increase of – BANKRUPTCY!

It has come out in a recent report that it is averaging a bankruptcy every 5 minutes in the UK with 104 properties being repossessed every day along with the average household debt being around £9,000+ (Excluding Mortgages). A very sorry state.

Alarm bells must be ringing for both these people with these averages along with the banks that threw money at them. If the value of homes are going down then where can the banks expect to retrieve their money from??? Surely the givernment will not bail these people out that were spending with no thought, would make more sense to reward those that were careful….. but we all know what this Labour government in power are like and usually it works out for the worst.