Debt worries continue as insolvencies are on the rise

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The number of people becoming insolvent has risen by more than 22 per cent in the past year, according to new Government statistics.

Figures released by the Insolvency Service show that 22,503 individuals became formally insolvent between April and June 2016, compared with 18,382 in the same period last year.

South Yorkshire-based debt expert Paul Moorhead, of Graywoods, said: “These figures show that in the last 12 months, despite low interest rates, falling unemployment and rising wages, people are still struggling to cope with debt.”