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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`

Recession to be ‘short and shallow’

22/10/2008

The Ernst & Young ITEM Club, whose Autumn forecast ‘sees an economy that has deteriorated dramatically in the last quarter and is now in recession’, nonetheless believes the recession will be short and shallow.

“The one bright spot in the forecast,” says a 20th October press release, “is that inflation will continue to fall, allowing the MPC to cut interest rates aggressively.”

The release goes on to state that “we are still looking at a domestic and global economy that will be in recession for the next 12 months. But with plunging interest rates, falling inflation, a fundamentally strong economy and some sort of stability in the banking system it should be a relatively short and shallow downturn.”

“No-one welcomes a recession,” said a spokesperson for Debt Advisers Direct, “but it’s encouraging to hear predictions that it’ll be both short and shallow. Nevertheless, people in debt may be particularly worried about even short-term job insecurity, as their income may already be stretched to the limit as they struggle to cope with debt repayments as well as today’s high cost of living.”

“As always, we advise people with debt problems to seek professional debt advice as soon as possible.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements).

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