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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Debt advice `essential` for consumers with large debts

09/06/2008

Consumers should seek professional debt advice when they become overwhelmed by the amount of money that they owe, a major trade body has claimed.

According to Citizens Advice, many people throughout the UK think that they can handle large debts by themselves and increasingly become stressed as a result.

Even when people do contact credit establishments with queries about their repayment structures, they are often looked upon negatively by the industry, the organisation stated.

As a result, independent financial advisors are being recommended to help solve the problems of debt.

Alex MacDermott, creditor liaison policy officer at Citizens Advice, said: "Unfortunately, we are seeing more and more clients coming back and telling us that their offers won`t be looked at unless they are endorsed by a third party."

Recent research from Credit Action found that the UK`s total personal debt stood at £1.436 trillion at the end of April.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according