Reflecting on the debt management problems affecting hundreds of people in the Oldham area where he is based, Robert Cooksey of IVA firm Bridgestones suggested credit is being handed out too readily by lenders.
In addition, Mr Cooksey went on to assert that such money problems are not confined to those on lower incomes, increasingly professionals with higher paid jobs are turning to IVAs, reports the Oldham Advertiser.
“Rising interest rates haven’t helped, but it still appears too easy for people to obtain credit,” he told the paper.
“Oldham is suffering in the same way as a lot of towns where some of the manufacturing base has been lost.”
It was revealed recently that the committee in charge of setting interest rates for the Bank of England was splint on whether to increase the cost of borrowing earlier this month.