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LATEST NEWS & EVENTS Low incomes 'fuel personal insolvency rates'  Low incomes are fuelling the personal insolvency rate in the UK, it has been revealed, after three-quarters of those recommended to declare bankruptcy by a debt charity earned less than the average wage. The findings come as part of the Consumer Credit Counselling Service's (CCCS) Debt Dashboard for the fourth quarter of 2010, which looked at the profiles of people advised bankruptcy as the best way to solve their debt problems. Additionally, the review of personal insolvency figures showed that it would take the average bankruptcy client 43 years to repay their debts. The average debt for this group of people is £31,000, with one in five owing more than £40,000 in unsecured debt. Earnings for those advised bankruptcy is £19,000 - £7,000 less than the UK national average. Delroy Corinaldi, CCCS external affairs director, said: "Overtime bans, wage caps and forced shorter working hours are limiting the ability to maximize income. "As limited income is one of the key factors determining a bankruptcy recommendation so there is likely to be a further rise this year." It comes after the insolvency body R3 reported that four in ten people in the UK expect their finances to worsen this year. Posted by Gaby Hamerton 
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