PUPILS should get school lessons in money management, says a Huddersfield insolvency expert.

Peter Sargent, who lives at Meltham, called on the Government to ensure young people left school "equipped with proper skills in how to manage money and debt - particularly credit cards".

His call follows shock figures showing that personal debts have reached an all-time high.

Mr Sargent, Huddersfield and Halifax spokesman for the Association of Business Recovery Professionals, said: "Personal debt is out of control in this country.

"Credit card companies are lending too much to people who can never afford to repay their borrowings.

"If companies cannot lend more sensibly it is up to the Government to help people to manage their debts better themselves.

"We can make a start in schools, but we also need to find a way to help and educate adults."

The association said finance had been introduced as a topic in the National Curriculum for schools. But it did not deal with debt, how to avoid getting into debt and how to plan for repayment when taking out a loan.

Joanne Hankey, director of the Bankruptcy Advisory Service in Yorkshire - which handles up to 100 new calls a week - welcomed the call.

She said: "For a considerable time we have been highlighting the need for proper financial education.

"We have offered to go into schools, colleges and universities, but have had no interest.

"Young people need lessons on simple, practical financial skills, such as how to read a bank statement, how to budget and how to understand basic financial language.

"They must learn to understand that borrowing beyond your means is wrong, whatever a lender thinks is OK and that they need to know what they can afford."

Ms Hankey said it was not unusual to see people earning £1,500 a month running up debts of more than £40,000 on 10 or 15 credit cards.

The Government's Insolvency Service said there were 20,461 individual insolvencies in England and Wales in the final quarter of 2005, a rise of 57% on the same period of 2004.

Mr Sargent said the quarterly total had more than doubled in three years.

"More than 80,000 people a year are admitting defeat on their debts. On top of this, there are about 600,000 to 700,000 in serious difficulties but not yet insolvent."