More than 10,000 people in the UK chose to take out an individual voluntary arrangement (IVA) during the second quarter of 2007, according to new statistics.
Figures from the Insolvency Service reveal that 10,698 individuals in Britain chose this debt management solution, a 0.7 per cent decrease on the corresponding quarter of the previous year.
The total figure for individual bankruptcies during this period stood at 16,258, a 7.7 per cent rise on the same time in 2006.
Rod McKee, head of financial capability at the ifs School of Finance, said that the findings point to a need for more focus on personal finance education.
"The insolvency figures released today again highlight the need to ensure people have sufficient financial skills to make informed financial decisions.
"Equipped with such skills the number of people who find themselves facing unmanageable debt problems will reduce considerably."
