Portsmouth has record levels of insolvency

Horatia House in Somers Town

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A DEBT advice charity has urged people to make a financial resolution this New Year following reports of record levels of personal insolvency in Portsmouth.

The latest regional statistics show that the number of people becoming insolvent in the city reached an all-time high last year, with 504 individuals filing for insolvency, and the charity believes things are set to get worse.

Now Debt Advice Foundation is encouraging people to give their finances a rethink.

David Rodger, managing director of the Debt Advice Foundation, said: 'More and more people are facing financial hardship and we're expecting to see a rise in the number of people needing advice for debt problems in 2011.

'With VAT increasing to 20 per cent from January 1, the New Year brings with it a rise in living costs for people in the UK - and this, coupled with the threat of further job losses, will put added pressure on household finances'

People can get free advice from the charity by calling 0800 2922077.

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