According to Insolvency Service reports, personal insolvency is highest in the coastal areas of England and Wales.
During 2013, seaside resort areas had the highest levels of Individual Voluntary Arrangements, Debt Relief Orders and Bankruptcies.
And not for the first time, London recorded the lowest individual insolvency rate across all regions.
Stuart Frith, chair of insolvency trade body R3’s personal insolvency committee, said: “The North East, the South West, and seaside towns have been the personal insolvency hotspots in England & Wales for some time.”
“The nature of the labour market in these places explains why personal insolvency is so prevalent: simply, unemployment is much higher than elsewhere or the available jobs are short-term or low-paid.”
Source: Insolvency News
