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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`

Rising cost of living `preventing family support`

29/08/2008

According to the Chelsea Building Society, the rising cost of living is stopping people giving their families financial support they would otherwise offer.

From a survey of more than 1,000 family members, 59 per cent of people would help their families but nearly 30 per cent feel they are not able to because of the cost of living.

This may be bad news for people with debt problems who would normally turn to their families for financial support.

A total of 54 per cent of immediate family members questioned said they would offer accommodation rent-free to support loved ones while 51 per cent said they would look after children to allow parents to go out to work, indicating they would be willing to help if possible.

Director of customer services at Chelsea Building Society Darren Stevens advised: "Britons should start taking control of their own finances through proper financial planning and saving, bypassing a potentially embarrassing situation within their own families."

People worried about debt problems should consider contacting a professional. Debt consolidation loans may help, while Individual Voluntary Arrangements (IVAs) may benefit those with large amounts of debt.

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