Figures show that Britons do not worry about personal debt until figures reach at least £38,000. It is only around this point that residents seek help from an IVA.

Surprisingly, families located in the south of the country accrue 50% more unsecured personal debt than those in the north.

A resident from the north of England will normally apply for an IVA when debt has reached a figure of around £31,000. In comparison, a resident in the south will usually apply for an IVA when debt has reached at least £45,000.

It is not only personal finance that varies between the two regions; attitudes are also very different. Northerners are more to the point and deal with matters in a more direct manner. They are more likely to recognise they have a debt problem at an earlier stage and nip it in the bud, whereas residents from the south are more likely to continue with a more affluent lifestyle. Materialism is more apparent in the south and residents are more likely brush money issues under the carpet and face them only when the inevitable is standing before them.

As wages and the cost of living are significantly higher in the south, residents may be misled into believing that they have higher levels of disposable income. However, higher property prices and costly public transport leave very little for indulgences.