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`

People in debt `should be helped to help themselves`

05/11/2008

Consumers who run up high-level debts should be given the opportunity to sort out their finances themselves, a charity has said.

According to Citizens Advice, the credit industry should work with the advice sector in order to provide people experiencing problems with the necessary information and tools to manage their debts and re-negotiate with lenders.

A survey conducted by the organisation found that 45 per cent of respondents wanted the skills to take charge of their own debt management.

Chief executive of Citizens Advice David Harker said: "As the current credit crunch and rising ... costs are likely to result in more people needing help managing their finances, it`s important that those who want to and are able to can negotiate with creditors directly without the risk of being treated unfavourably."

The charity is recommending that a working party should be established to agree proposals for a self-help debt model that could be operational by 2010.

In other news, Liberal Democrat leader Nick Clegg recently cited figures which suggest that total personal debt has risen by £1 trillion since 1997.

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