W3 Debt Solutions recorded an increase of 183 per cent in the number of people in this particular age bracket opting for IVAs during the half-year until the end of February 2007, reports Lancashire Evening Post.
Debts totaling thousands of pounds are now common among twenty-something consumers and many young adults still face debt management woes well into their 30s, according to the north-west debt solution firm.
“I am very worried about this dramatic rise in debt. With more and more young people opting to go to university, almost all leave with sizeable debts that take years to pay off,” Carl Scott, managing director at the company, told the local news provider.
According to accountancy firm KPMG, there were in excess of 100,000 IVAs entered into across England and Wales during 2006.