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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 last well into 2009

13/11/2008

The Bank of England has said that the UK economy has “probably” entered a recession in the middle of 2008, and has predicted that the recession is likely to continue well into 2009.

In its quarterly inflation report, the Bank of England predicts that the UK economy could shrink by 2% next year – worse than its previous forecast.

The Bank also predicts that inflation will fall to 1% by 2010 – below the 2% target – even though it hit 5.2% in September.

Falling inflation could provide some relief to households struggling to cope with high prices, although the implications for the wider economy could be negative, with businesses in particular likely to suffer.

A Debt Advisers Direct expert commented: “The recession highlights the need for individuals and families to watch their finances very closely, and address any debt problems as soon as possible. Any existing financial problems could rapidly become much worse once the effects of the recession really start to take hold.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans 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