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LATEST NEWS & EVENTS Personal debt rises for a third  More people may be seeking an insolvency lawyer as new figures reveal personal debt problems are increasing. One in three people in the UK say their personal debt has risen in the last year, with ten per cent claiming it has increased a lot, according to research from moneysupermarket.com. The price comparison site found that one in seven (14 per cent) people in Britain only make the minimum payment on their debt each month. It noted that the average amount of UK personal debt, excluding mortgages, is currently £8,430. Someone making only the minimum monthly repayments of three per cent on this, with an average credit card rate of 18.43 per cent, would take 24 years and 4 months to pay it all off. Tim Moss from the site commented: "The nation has been left reeling with inflation now at 4.5 per cent, the highest levels since 2008, and the crippling effects of soaring living costs. "It therefore comes as no surprise that people have seen a rise in the amount they currently owe, compared to 2010." Recent figures from the Insolvency Service suggest a healthier situation, however. There were 15.5 per cent less personal insolvencies in the first three months of 2011 compared to the same period in 2010. Posted by Georgina Price 
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