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With more and more people under 35 finding themselves in financial difficulties the Insolvency Service has launched a campaign to urge young adults to deal with their debts.

The 'Dealing with your Debt' campaign is aimed at encouraging individuals with financial problems to seek debt help and to manage their finances responsibly.

The Insolvency Service makes a number of recommendations including - 

• Avoiding taking out high interest personal loans by seeking alternative forms of credit
• Finding organisations that provide free debt advice
• Making sure to understand all the available options when debts become unmanageable

Stephen Speed, Insolvency Service Chief Executive, said 'Owing more money than you can afford to repay is a daunting prospect, especially when you're young, but there are a number of options you can take and there is help available.'

According to Insolvency Service figures of the 44,000 Debt Relief Orders arranged in the last two years over a quarter were taken out by people in the 25-34 age group. A Debt Relief Order is a formal insolvency procedure aimed at people with low assets and no realistic way of paying off their debts. They are often seen as a cheaper alternative to bankruptcy and are available in England, Wales and Northern Ireland.