12 March 2008
New figures released by the Insolvency Service have stated that bankruptcies in Wales increased for the seventh year in a row last year.
In 2007, 2,968 bankruptcies were seen, while 2,218 individual voluntary arrangements were instigated, reports News Wales.
Responding to the figures, Cardiff Central's Welsh Liberal Democrat MP Jenny Willott stated that people have been taken advantage of by companies offering loans and other services that lead to debt.
She told the news source: "Personal debt levels in Wales have swelled beyond recognition over the last ten years and helped carry a relatively stable economy that Gordon Brown has taken the credit for."
Ms Willott added that not enough people know about financial management and this has had an impact on the number of them now in debt.
This week, uSwitch.com said that, on average, salary rises are lower than increases in bills, something that could impact on their finances.