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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`

Scale of Britain’s debts ‘puts us in a much weaker position’

16/01/2009

The sheer size of the country’s debts could hinder Britain’s recovery from the current economic troubles, the Leader of the Opposition has said.

In David Cameron’s words: “We’re in this mess because of too much debt – too much government debt; too much corporate debt; too much personal debt; and it becomes clearer all the time that the scale of Britain’s debts puts us in a much weaker position than other countries.”

“The average household may be unable to do anything about corporate debt or government debt,” said a debt expert for Debt Advisers Direct, “but what they can affect is the level of their own personal debt.

“The first thing, of course, is to take stock of their debts. Once people know exactly what they owe, they’ll be better placed to plan their way out of debt. Some people may find this relatively straightforward – they may need to cut back on luxuries, or work some overtime, for example – but other people may need to do more.

“They may need to find out more about the various debt solutions that could help them get their debts under control. The most important thing is to seek professional debt advice from an organisation that can help them understand their options.”

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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