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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: Recession will harm those in debt but help first-time buyers

14/07/2008

Financial website Fool.co.uk has said the predicted recession will be a help for those trying to get on the property ladder.

Those who have been "praying for a housing recession" in order to use their savings on an affordable property may get their wish, according to the British Chamber of Commerce`s (BCC) most recent Quarterly Economic Survey.

The figures indicate the UK is one quarter away from a recession with a correction period longer and worse than anticipated.

Fool.co.uk`s head of personal finance, David Kuo, said the recession may bring benefits to some homebuyers.

"The best thing that can happen would be if house prices fell to a level where they would be able to afford to get onto the housing ladder because these people have been putting away money for this opportunity," he said.

He added a recession also presents "a threat to people with huge amounts of debt", however.

The BCC surveyed nearly 5,000 businesses of varying sizes and found the service and manufacturing industries were being hit hardest by the credit crunch.

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