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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`

Debt: 10 million+ rely on borrowing for everyday expenses

06/02/2009

New research from the Post Office has revealed that 10.3 million people are relying on credit cards and other forms of borrowing to cope with their everyday living expenses.

Its latest Consumer Credit Report claims that 2.6 million people are planning to increase their spending on their credit cards this year just to cope with normal living expenses.

The Report also stated that consumers expected to borrow an average of £318 to buy everyday items in January alone.

4.1 million credit card holders believed they would have to make smaller, more frequent purchases to cover their living costs in 2009.

Furthermore, 45% of respondents said they were unlikely to pay off their credit card balance each month.

“It’s worrying to see people getting into debt to cope with their day-to-day living expenses,” said a spokesperson for Debt Advisers Direct, “especially when they’re not confident about their ability to pay off their credit card debt quickly enough to avoid paying interest. We would advise anyone worried about credit card debt to seek debt advice as soon as possible.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt consolidation loans, debt management plans 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