Government figures have shown that the number of people declared insolvent in England and Wales fell slightly in the three months to the end of June.
The number of individual insolvencies stood at 24,553, which was 2% down compared with the previous three months and 8.3% below the same period in 2007.
The credit crunch has made people more conscious of going into debt and banks less keen to offer credit.
But company liquidations were up by 11.6% on previous quarter, to 3,560.
'Some surprise'
The figures for individual insolvencies went against analysts' predictions of a slight rise.
HOW TO GO BUST
More people are thought to have been considering informal debt management plans - when banks help customers to deal with the debts - but these are not included in the figures.
This stage generally comes ahead of the paperwork-heavy options of bankruptcy and individual voluntary arrangements (IVAs).
The figures show there were 9,256 IVAs in the second quarter of the year, down 3.2% on the previous three months and a 12.4% dip compared with a year ago.
This form of insolvency - when debt is frozen in exchange for monthly repayments - is supposedly thought to have less stigma but has proved controversial.
Some 15,297 people were declared bankrupt in April to the end of June, which was a fall of 1.3% on the previous three months and a decrease of 5.7% on the same quarter in 2007.
'Hit to come'
Insolvency expert Frances Coulson told the BBC that the credit squeeze was making it harder for people to build up large debts.
"I think the trickle-down effect of the credit crunch hasn't really hit bankruptcy and IVA numbers 'big style' yet"
But she added that this was likely to be a lull before the storm, owing to greater pressure on household bills potentially pushing more into debt.
She said a survey of insolvency practitioners found that seven in ten were expecting to see personal insolvencies rising in the next 12 months.
Her views were echoed by Charles Turner, director of personal insolvency at Price Waterhouse Coopers, who said that people were more likely to turn to unsecured lending such as credit cards for basic necessities when personal financial difficulties really started to bite.
"I think the trickle-down effect of the credit crunch hasn't really hit bankruptcy and IVA numbers big style yet."
And Mike Gerrard, a personal insolvency partner at Grant Thornton, said: "These latest figures are something of a surprise.
"It seems individuals have succeeded in reining in their spending and riding out the tough times longer than anticipated, but it's unlikely to last."
Provisional figures for Scotland were much more gloomy, showing that individual insolvencies could rise to 4,735 in the second quarter of 2008, a 45% rise on the previous three months and 36% up on the same period a year ago.
In Northern Ireland, provisional results showed the number of people going insolvent could be up to 479 in the period from April to the end of June, compared with 330 during the previous three months.
Business picture
The number of company liquidations in England and Wales was up 15% on the same period a year ago.
But administration figures are often regarded as a better barometer of economic health than liquidations.
These figures showed the number of companies going into administration in April to the end of June rose by 9.2% on the previous quarter, from 859 to 938.
This came after a sharp rise in the first three months of the year, with retail and construction businesses hit particularly hard.
The latest figure is 60% higher than the same period in 2007.
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