People`s attitudes towards insolvency have grown more relaxed, a spokesperson for a firm has said.
Duncan Philp, senior consultant at Macbeth Currie, said that bankruptcy "does not have the same fear or the stigma attached to it", compared to ten years ago.
In the past, he explained, people "would have been terrified" to face bankruptcy.
"Now, it just seems to be a modern phenomenon that people are perfectly happy to go through and a few years down the line they`re back with money again," he remarked.
He added that many problems regarding personal finance problems are related to too much spending on credit cards, "because they`re so easy to obtain".
Mr Philp`s comments echo those of Belgravia Insurance consultant Paul White, who recently suggested that the UK is moving towards a US-style approach to bankruptcy, in which people are given "another try" with their finances.
