The industry which provides individual voluntary arrangements (IVAs) explored the reasons behind Britain`s debt crisis during a recent presentation.
Bad lending and borrowing practices were revealed to be a negative factor, with 43 per cent of respondents citing lenders offering cheap loans which people cannot repay as a reason for the country`s debt problems, according to the Iva.co.uk study.
Meanwhile, 32 per cent of those surveyed said that irresponsible borrowing was the major force behind high levels of debt across the UK.
On a personal level, the majority of consumers reported that poor money management was the top cause of an individual falling into debt, followed by unemployment and ill health.
Some 330 people are becoming insolvent each day, according to figures from Credit Action.
There were 30,075 individual insolvencies during the first quarter of 2007, the same data states.
