New statistics released by The Insolvency Service have shown a decrease in the number of people becoming insolvent over the previous 3 months.

According to the new report 30,162 people were declared insolvent in the first quarter of 2011 which is down 1.7% on the last quarterly report.

While insolvencies in England, Wales and Scotland have all fallen many anaylists are predicting it will increase at the end of the year.