The number of people going bust fell to a 10 year low in 2015.
Just under 80,000 people in England and Wales were declared insolvent last year.
The 19% drop from 2014 was driven by fewer individual voluntary arrangements, down 23% to just under 40,000, according to the Insolvency Service.
Meanwhile bankruptcies tumbled to 15,797 – the lowest for 25 years.
Six years of rock bottom interest rates have helped eased the pressure on those in debt.
But experts fear what will happen when borrowing costs start to rise.
Read more: Great British Borrowing Binge sends debt rocketing 40%
Matthew Chadwick, head of personal insolvency at BDO, said: “With household debt now at its highest level in four years and real earnings having grown by jus…
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