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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`

Debt: supermarkets enter festive price war

28/11/2008

Three of the UK’s leading supermarkets have all promised price cuts ahead of the festive period, as the financial crisis threatens to subdue consumer spending.

Tesco was the first to announce it would cut prices on about one thousand products this week, with Asda and Sainsbury’s following suit shortly afterwards. The news will be a boost to the many people facing problems with debt due to the fast-rising costs of living over the past year.

The announcements follow the Government’s announcement that VAT would be cut to 15% – effective as of Monday (1st December) – which is expected to prompt many retailers to cut prices accordingly. Supermarket price cuts look set to exceed the 2.5% VAT drop, however, with Tesco promising price cuts of up to 50% on some products and Sainsbury’s announcing cuts of £200 on some wide-screen televisions.

A spokesperson for Debt Advisers Direct commented: “Supermarket price cuts could be good news all round, since they could benefit both consumers and the businesses, which is good for the economy.

“It should also help to minimise the number of consumers falling into debt due to Christmas spending this year. As always, we advise anyone who finds themselves struggling with debt to seek expert 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 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