According to the latest figures from Credit Action, people under 30 in the UK are at an increased risk of falling into serious debt and needing an IVA to bail them out.
Nationwide carried out research that stated one in five teenagers don't see debt as a bad thing, which is just as well as they are likely to leave University with debts over £10,000.
Peer pressure on spending continues to be a massive problem with 44% of people surveyed saying they had been persuaded to spend money by close friends.
Many analysts beleive that these multiple problems will eventually lead to more and more people struggling to balance their finances, and needing to take serious action, like an IVA.