Levels of personal debt are reaching worrying levels according to Liberal Democrat MP for Bristol West Stephen Williams. New figures show an increase of over a half in house repossessions and more than a third in bankruptcies across Bristol last year compared to 2004.
Responding to the latest statistics from the Department of Constitutional Affairs which show a rise of 54% in the number of mortgage possession procedures issued in Bristol County Court and from the DTI showing a 38% rise in personal insolvencies in Bristol, Stephen Williams said:
"These figures show very worrying trends, there are a growing number of people in Bristol who are finding it harder and harder to cope financially.
"The combination of rising unemployment and record levels of personal debt is spelling catastrophe for many hard working families.
Commenting on the mortgage possession procedure statistics released from the DCA Stephen, added:
"While they remain below the levels seen in the early 1990's there are clearly big problems ahead. While not all the cases will result in repossession they give a strong indication of the extreme difficulties facing many households.
"Last year alone there were nearly a quarter of a million calls to the National Debtline nationwide and the Citizen's Advice Bureau handled over a million problems relating to personal debt. With the cost of servicing debt now close to the high seen in the early 1990's urgent action is required.
"Individuals must be made fully aware of the risks that are involved and of the relevant insurance products available when they take out a mortgage."
