Bankruptcies in Wales have doubled in the past six years, as well as an increase in debt counselling queries, reports the BBC.
Those facing problems with debt in Wales can seek help from the Welsh Centre for Credit Counselling, a service which dealt with 6,000 inquiries in 2007.
Dr Brian Gibbons, Wales’ social justice minister, explained to the BBC what action was being taken by the government and the importance of seeking debt help from a legitimate source.
"We are taking action with the UK government on rogue lenders and people who are operating outside the system, loan sharks and so forth," said Dr Gibbons.
Citizens Advice has reported a 30 per cent increase in the numbers seeking information on bankruptcy.
Figures released by uSwitch.com shows that 4.8 million UK adults spend more than they earn, resulting in debt and a 33 per cent increase in bankruptcies from 1992, highlighting the importance of seeking debt advice and assistance.