Warnings that 2007 could go down as the worst ever year for Britain's " debt crises" have been aired today after the year started with a record number of people going bust.

In all, 30,075 people went bankrupt or took out an Individual Voluntary Arrangement (IVA) between January and March - more than 330 personal insolvencies a day.

The figures, released by the Government's Insolvency Service, prompted renewed concern over the high level of indebtedness in the UK amid forecasts that things are likely to get worse before they get better.

The total number of insolvencies between January and March was up almost 24pc on the same period in 2006 and represented a jump of 1.2pc on the previous quarter.

It appeared to confirm predictions that 2007 will go down as the worst ever year for personal insolvencies - surpassing last year's record total of 107,288.

Broken down, the statistics for the first quarter of 2007 show that the growth rate of IVAs - which serve as a formal agreement between debtors and creditors - continues to outpace that of bankruptcies.

IVAs were up 47.6pc year-on-year to 13,233 in the first quarter - an increase of 4.7pc on autumn's total.

This compares to bankruptcies, which experienced an annual hike of 10pc, but a slight fall on the previous quarter.

The continued growth of IVAs comes despite a clampdown on aggressive and misleading advertising by debt firms.

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