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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`

Fool.co.uk: Britons must prepare for recession

09/07/2008

Financial website Fool.co.uk has said people must "tighten their belts" to prepare for the recession predicted by the British Chamber of Commerce (BCC) this week.

The BCC`s Quarterly Economic Survey concluded the UK is now at a serious risk of recession, expected as soon as the end of the year.

Home sales and orders and employment expectations are now at their lowest since the recession of the early 1990s, the report said.

Fool`s head of personal finance, David Kuo, said people must cut back on big purchases, save as much money as possible and consider income protection.

"People need to go back and look at their finances now and don`t take on any more debt than they are already in at the moment," he urged.

When asked about the threat of job losses under a recession, Mr Kuo recommended trying to live off two thirds of current salaries to make it easier to live with a lower income later on.

"If you can tighten your belt now and learn to live on a lower salary then you will be better prepared when a job opportunity comes along," he said.

According to Fool, a recession is at least six months of declining business activity.

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