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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`

Lenders set to pass on full rate cut

05/12/2008

Several major lenders have decided to pass on the full 1% base rate cut to their SVR (Standard Variable Rate) mortgages.

According to the BBC, HSBC, Lloyds TSB/Cheltenham and Gloucester and Bristol & West have announced 1% cuts, with a number of other lenders still reviewing their rates – and Barclays announcing a 1.15% cut.

The news will be a boost to some of the homeowners who have been hard pressed by the financial crisis, many of whom have fallen into debt as a result.

However, a number of other lenders have decided not to pass on the full rate cut.

A spokesperson for Debt Advisers Direct said: “Homeowners on SVR mortgages will all be hoping for interest rate cuts from their lenders, but as some analysts had predicted, a few lenders are likely to pass on smaller cuts (or no cut at all).

“We advise anyone looking to remortgage to seek professional mortgage advice. Finding the best rates could make a big difference to monthly outgoings, and reduce the potential for falling into debt.”

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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