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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`

Economy shrinking ‘faster than thought’

29/12/2008

New figures from the Office for National Statistics have shown that the economy shrank faster than originally thought between July and September.

Economic output (GDP) contracted by 0.6% in the three-month period, up on the ONS’ previous predictions of 0.5%.

However, the previous quarter’s figure remained unchanged at zero growth (0%).

It was the first time the economy had shrank in the third quarter since 1992, and the worst overall quarter since 1990, according to The Times.

The economic crisis has caused financial hardship for increasing numbers of households, and many have struggled to stay out of debt.

A Debt Advisers Direct spokesperson commented: “People in debt are likely to be amongst the worst affected by the financial crisis, and it’s important that people address their debts as soon as possible to avoid more severe debt problems in future.”

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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