Insolvency report warns of increased personal debt

A new report has warned that more and more people are spiralling into debt and that the effects could spill over into the rest of the economy, causing further debt problems and bankruptcy.

The study, by the association of insolvency professionals R3, found that while younger people were particularly at risk of getting into unmanageable debt, the problem affected people of all generations.

The report, called "Barriers to seeking advice" also found that many people made things worse by putting off dealing with their debt problems rather than getting help to tackle the issue.

According to the report, over a third of 18-24 year olds and 29 percent of 15-34 year olds had not looked for help as they considered it "easier not to think about it."

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