The number of people going bust has risen for the first time in seven years.
Official figures show there were 17.6 insolvencies per 10,000 adults in 2015 and that increased by 2.1 to 19.7 last year.
All regions in England and Wales saw increases – the North East is the insolvency capital, while London has the lowest rate.
This comes amid growing fears about a consumer credit time bomb, with households sitting on £1.5trillion of debt.
Gillian Guy, Chief Executive of Citizens Advice, said: “Households finances are under ever-increasing pressure.
With wage increases falling behind inflation – many people are struggling to make their income stretch far enough.
Unmanageable debt puts people at risk of insolvency which, in the most serious c…
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