The number of people applying for bankruptcy in 2008 has risen 20% on 2007, according to the country’s largest credit agency, and Bullet PR client, Veda Advantage. 4751 individuals have filed for either bankruptcy or its recently introduced alternative, the No Asset Procedure, compared with 3949 last year.

Veda has also announced that credit applications for the month of November, which is traditionally a busy time for lenders in the lead-up to Christmas, are at their lowest in six years.

Read Dominion Post journalist Andrew Janes’ story here