Analysts have welcomed these figures. Herman Poon, director in Fitch Ratings, said in a press release last week: "Further improvements in both jobless claims and unemployment helped precipitate the better-than-expected decline in consumer bankruptcy filings. If this momentum continues, personal bankruptcy filings will fall for a fifth straight year once 2015 comes to a close."
However, both Mark Carney, governor of the Bank of England, and Janet Yellen, chair of the Federal Reserve, have hinted in the past few months at future interest rates rises as their countries' economies improve.
However, one of the implications of higher interest rates is that some households could be pushed into arrears – and possibly bankruptcy.
"Historically low interest rates over the past six years have made it easier for people to manage their finances," said Gillian Guy, chief executive of U.K. charity Citizens Advice, in a press statement. "A rise in rates will make things harder for those already struggling, and push those who are just about managing over the edge.
"Our evidence shows one in five (U.K.) homeowners will fall into arrears when interest rates rise."
The rise in interest rates may instead force some households to borrow more, pushing them further into debt.
"This steady downward trend in insolvencies is welcome news. We must be mindful, however, of what lies ahead," Jane Tully, head of insight and engagement at the Money Advice Trust, told CNBC via email. "Household debt (in the U.K.) is forecast to pass its pre-recession peak of 169 percent of household incomes in 2020 – and unsecured borrowing is now expected to be £48 billion ($74.7 billion) higher than the Office of Budget Responsibility expected as recently as March.
"Many households will be able to accommodate this extra borrowing as the economic recovery continues – but we are concerned that many will turn to credit to plug gaps in their budgets."
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If the number of bankruptcy filings does begin to increase, it is more likely to be a gradual than immediate process, Poon told CNBC via email.
"Consumers' approach to home, auto, and credit card loans could change as the eventual rise in interest would put a strain on their household savings," he said.
"If debt and mortgages become more expensive as a result in higher rates, I would expect delinquency levels (late payments) to slowly rise and consumers' ability to pay to be pressured, resulting in higher losses that can translate to additional bankruptcy filings."