Seaside towns in England and Wales - and the young families living in them - are suffering the worst levels of debt in the country, new figures reveal. The Isle of Wight has the highest level of insolvencies amongst young adults, according to the Insolvency Service, followed by Torbay and Scarborough. Overall the number of 18 to 34 year-olds becoming insolvent rose by 31.3% between 2015 and 2016. It comes ahead of a possible rise in interest rates as soon as next month. Any increase would be the first in the UK for over ten years - and would inevitably make borrowing more expensive.

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