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As the latest statistics from the Insolvency Service reveal yet another quarterly rise in insolvencies in England and Wales – the ninth in a row – financial solutions company Think Money reminds struggling borrowers that insolvency isn”t necessarily the only answer to unmanageable debt.

The statistics show that there were a record 35,682 individual insolvencies in England and Wales in the first quarter of 2010, a slight increase on the 35,574 recorded in the final quarter of 2009.

Specifically, there were 18,256 bankruptcies, 11,782 IVAs (Individual Voluntary Arrangements) and 5,644 DROs (Debt Relief Orders).

“We may be out of recession,” a Think Money spokesperson commented, “but the UK”s economic growth is still unimpressive, and there”s no reason that the growth we are seeing should directly benefit everyone who”s struggling with their finances.”

Think Money comments on Q1 insolvency statistics

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