Official figures show which cities have a high rate of personal insolvencies, and Plymouth ranks second on this list, after Stoke and followed by Hull and Scarborough.
Stoke-on-Trent scored a huge 44.8, while Plymouth recorded an insolvency rate of 40.4 per 10,000 adults – almost double the national average. These figures have been calculated with data collected in 2017.
Eight of the 10 places with the lowest numbers of people with debt problems were London boroughs, led by Westminster and Kingston upon Thames - with only nine people per 10,000.
For the country as a whole, the insolvency rate – which counts personal bankruptcies, debt relief orders and individual voluntary arrangements per 10,000 adults – rose for the second year to reach 21.4. The number of people struggling with debt went into decline in the wake of the financial crisis but since 2016 numbers have been rising again.
Britain’s personal debt mountain has ballooned in recent years, fuelled by low interest rates from the Bank of England, payday loans and increasing use of personal contract plans for buying cars. The total level of consumer debt excluding student loans surpassed £200bn in the middle of last year, returning to levels unseen since the financial crisis.
It shows that younger people are facing increasing debt problems as insolvency rates increased for all age groups except the over-55s. The biggest increase was among those aged 18-44.
The insolvency rate for women increased faster than for men, widening the gender divide. Women reported more debt problems than men for the fourth year running.
For the complete list and more info on this subject you can click here.