It’s an accepted fact that personal debt has risen to almost unsustainable levels, and that the number of bankruptcies and IVAs (individual voluntary arrangements) is reaching record highs. Some commentators put this down simply to the financial ignorance of many people, or the irresponsible ‘buy now pay later’ culture they say has developed.

That’s perhaps a little harsh on the millions of people for whom debt is now an ordinary part of life. There are several contributing factors which have led to today’s debt problems.

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