Home > News > Debt advice

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`

Families feeling credit squeeze hardest

29/07/2008

According to a new poll, families are among the hardest hit during the current financial slowdown.

The research released by Norwich and Peterborough Building Society found 75 per cent of people with children are paying more for everyday essentials such as gas, electricity, supermarket shopping and petrol or diesel. Some 59 per cent of people without dependent children were cutting back.

The poll found varying results for the rest of society. Around half of British people are restricting their outgoings and avoiding debt problems by not taking a holiday (13 per cent) or considering taking fewer holidays (40 per cent). However, 44 per cent said their holiday plans were not affected.

Spending on shoes, clothes and eating out has also been cut by roughly half of the population.

Group product manager at the building society Gary Lacey said: "It is interesting that a large proportion of those who took part in our survey don`t appear to be taking drastic measures with their finances just yet."

The survey found people are still saving, however, with 40 per cent saving as much as last year, eight per cent saving more and 30 per cent putting something aside.

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