The number of bankruptcies has fallen to its lowest level since 1999, according to official figures.
The Insolvency Service charted steep drops in both company and personal insolvencies in the third quarter of the year compared to the same period last year.
It said company liquidations in England and Wales decreased by 11.7% and administrations fell by 18.8%, with company voluntary arrangements and receiverships also down.
The number of people who became insolvent decreased by 4.6%, driven by a 19% drop in bankruptcy orders in particular.
Individual voluntary arrangements were down 1.9% to 13,143 cases while debt relief orders increased by 2.7% compared with July to September 2013 - highlighting further progress in efforts to prevent those struggling under the weight of their debt being declared insolvent.
The figures showed that 6,808 people took out a debt relief order in the period.
With expectations that the Bank of England base rate is likely to start moving off its historic 0.5% low at some point next year, people have been warned to prepare for the prospect of their borrowing costs increasing.
The Insolvency Service said anyone who is experiencing financial difficulties should get help early from a body such as the Government-backed Money Advice Service.
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