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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`

Redundancy protection should be a "priority"

26/06/2008

A finance expert has recommended people cover themselves against redundancy in the midst of the credit crunch.

David Kuo, head of personal finance at money information site Fool.co.uk, said protecting yourself from the threat of redundancy "will provide some peace of mind".

"With the credit crunch nibbling away at economic growth, protection from redundancy may be more of a priority," he commented.

However, Mr Kuo advised consumers to shop around to find the best insurance deal and to make sure they are aware of any exclusions by reading the small print.

Last month, Fool.co.uk found a quarter of consumers try to self-insure by saving money for emergencies rather than taking out official policies.

Many consumers area also unaware of how much cover they have while spending over £1,500 a year on insurance, according to the research.

Recent findings from Deloitte indicate consumers are trying to save money on their insurance policies. The figures, obtained by YouGov, show people may cut back on travel, health and pet insurance and choose third-party motor insurance over comprehensive in the future.

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