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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`

Recession confirmed

23/01/2009

The Office for National Statistics (ONS) has confirmed that the UK is now in recession.

The previous set of figures had revealed a 0.6% fall in GDP (Gross Domestic Product) during the third quarter of 2008, so the drop reported today – 1.5% in the fourth quarter of 2008 – has confirmed that we’re in a recession (as we’ve had two successive quarters of ‘negative growth’).

According to the ONS, the ‘increased rate of decline in output’ was due to ‘weaker services and production industries output’.

“These figures would worry anyone, but people with debt problems may be particularly alarmed,” said a debt expert for Debt Advisers Direct. “From the individual consumer’s perspective, a contracting economy raises the chances of suffering a drop in income or even being made redundant – which anyone already spending a large part of their income on essential bills and debt repayments will find it especially difficult to cope with.”

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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