New research from Scottish Widow's has revealed that many families in the UK have to rely on two incomes in order to stave off the level of debt that can lead to an IVA.
Research from the group shows that of the 7.1 million households with dependent children, 3.5 million need two salaries.
A spokesperson from Scottish Widow's commented: “The problem is that servicing this debt eats into our take home pay and exposes us to financial hardship should we be unable to work. Low inflation also means debts are eroded more slowly over time - again increasing the need for financial protection.”