Unprecedented rise in Bankruptcies in Britain

Yahoo reports:

The number of British households declaring bankruptcy because of an unmanageable burden of debt hit a record high last year, according to official figures.

The total of 67,580 bankruptcies was 45 percent up on 2004 and the highest since the statistic began to be recorded 45 years ago.

Analysts warned the figure could hit 100,000 in the current year, a new rise of almost 48 percent. read more

This is a serious sign of trouble brewing up in the West! The property values had risen in the last few decades which meant that many people had taken out the equity and used it. Wait till the new generation may not be able to buy the houses from the old generation and the property values tumble!

It is this debt-taking obsession that has led to the fattening of the trade deficit for US! People just want to keep buying.. cheaper the better!

Economic future doesnt look very bright does it?