Personal bankruptcies are at their highest for 40 years, according to Department for Trade and Industry figures released this week.
The DTI reveals Q1 figures showing 13,229 individual insolvencies so far this year, largely due to irresponsible lending and carefree spending.
The figure was up 28 per cent on last year, and is the highest quarterly figure since records began in 1960.
Consumer debt has broken the 1 trillion barrier and continuously increasing interest rates are preventing more people from coping.
This buy now, pay later attitude, particularly present amongst young people, is to blame, with most bankruptcies being made up by the under thirties.