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Wales has seen a large rise in the amount of people declaring bankruptcy over the past few years, new figures have revealed.
According to statistics from the Insolvency Service, there were 2,800 applications for bankruptcy in 2006 - a 156 per cent increase on 2000.
Rising debt problems, combined with easy access to credit, also saw applications for Individual Voluntary Arrangements (IVAs) rise by 400 per cent between 2000 and 2006, with a 146 per cent rise between 2005 and 2006, News Wales reports.
Jenny Willott, Liberal Democrat MP for Cardiff Central, told the news provider: "A big problem fuelling the rise in personal debt is the low level of financial literacy and understanding of how best to manage personal finances.
"This leaves many people vulnerable to exploitation by credit and loan companies and unable to manage their debt effectively."
The Insolvency Service also revealed that 106,645 people applied for bankruptcy and IVAs throughout the UK in 2007.
