Debt-lag means insolvencies will hit a record

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Accountancy firm RSM Tenon said that debt-lag, where Britons let bills pile up over months before conceding to insolvency, will lead to a record number for March because of the hangover effects of Christmas and the financial crisis.

It warned the number of personal insolvencies will reach 35,000 in the first quarter of 2010, 15% higher than the same time last year.

Mark Sands, head of bankruptcy at RSM Tenon, said: "Although the glass has started to look half full for the economy, it's very much been drained of every drop when it comes to individuals' personal finances.

"Months of job losses and decreased earnings has taken its toll on the public's purse strings. We are likely to continue to see record numbers of people look to insolvency into 2011."