People between the ages of 18 and 34 are more likely to feel comfortable with bankruptcy or taking out an individual voluntary arrangement (IVA), according to new figures.
Research from Mintel found that 22 per cent of people in that age range said they would consider bankruptcy or an IVA, compared with half of those in their grandparents` generation who would be willing to try those debt solutions.
The 18-34 age group was also found to have the highest levels of unsecured debt, with 60 per cent owing money on credit cards, overdrafts and loans.
Todd Davis, senior finance analyst at Mintel, said that credit card deals and overdraft extensions aimed at the younger generation help encourage a more easygoing attitude towards debt and insolvency.
"Bankruptcy is now widely accepted among young adults, mainly because it is the natural follow-on from rising debt but also because the government has made the conditions of bankruptcy less painful."
Consumer credit lending grew by £900 million in June 2007, according to Credit Action.
