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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`

Consolidating debt can save money

19/01/2009

People with unsecured debts can achieve significant savings by consolidating them – and paying a lower interest rate.

According to comparison site uSwitch.com, consumers could collectively save £20 billion a year by moving their debt to a type of credit which charges less interest.

Moneysupermarket.com, meanwhile, has calculated that ‘someone who switches £2,000 debt on a card at a typical rate of 17.9 per cent to one with zero per cent interest will make an annual saving of £303, even if you include a balance transfer fee of 2.5 per cent’, as The Mirror reports.

“In many cases,” said a debt expert for Debt Advisers Direct, “debt consolidation can really help people with unsecured debts by cutting the interest they’re paying.

“It can also help simplify their finances. Instead of making multiple debt repayments every month, they can make just one, hopefully reducing the risk of making payments late, or even missing them altogether. There is, however, also a potential downside to debt consolidation – we would advise anyone thinking about this to talk to seek debt advice before committing themselves to anything.”

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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