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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`

Britain "addicted to debt", politician states

04/11/2008

The UK is "addicted to debt", a leading politician has said.

According to Liberal Democrat leader Nick Clegg, the country is facing considerable problems as a result of the amount of lending that has occurred over recent times.

He cites figures which suggest that total personal debt has risen by £1 trillion since Labour came to power in 1997, equating to an extra £10 million for every hour of its governance.

Mr Clegg said: "The fact that Britain`s economic growth has been built on a mountain of personal debt means that we are now especially vulnerable to the global economic downturn."

He added that Britain must break its "debt addiction" before children "get sucked into it" too.

Indeed, figures produced recently by Nationwide revealed that 62 per cent of adults with children aged between four and seven are worried that financial mistakes will cause their offspring to get into debt problems later in life.

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