The bankruptcies in US have reported a drop this December, when compared with the previous records. The experts have explained that this drop is an outcome of the rise in the number of consumers for the various services, due to the holiday season.

"As people are heading into the holiday season, it's not what they're thinking about. They want to enjoy the holidays and worry about it afterwards", said Andy Fisher, a trustee with A. Farber & Partners. "For businesses, the traffic they may get over the holiday season would delay them as well", he added.

According to the interpretations of Office of the Superintendent of Bankruptcies, the personal bankruptcies fell 8.7%, in December.

"The continuation of the downward trend in consumer bankruptcy filings appears to be an increasingly positive sign that Canadian households are getting a better grasp on their finances", said David Onyett-Jeffries, an Economist for RBC Economics Research.

The experts have also shared that with the fall in the credit card losses, the personal bankruptcy rates may drop down in the upcoming months.

A total of 8,112 personal and business bankruptcy cases were filed in December 2009, thereby depicting a decline of 2.3% since 2008.

"I think the number of filings will start to level off and I wouldn't be surprised if we start to see a decrease", said Fisher.