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estimates that 28,000 people will be unable to cope with their debts during the first three months of 2008, and will either file for bankruptcy or take out an individual voluntary arrangement. It predicts a total of 120,000 people will go insolvent during this year, or 10,000 people a month. This would beat its predictions for 110,000 insolvencies for 2007. In 2006 the number of people going insolvent broke through the 100,000 barrier for the first time to reach 107,288.
consumers are paying out £93bn a year in interest on loans, credit cards, overdrafts and mortgages