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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`

Good news for mortgage debt

12/02/2009

Many mortgage holders are to benefit from the latest base rate cut, as major lenders have announced they will pass it on in full.

Halifax, Nationwide and Woolwich, among others, have announced they will pass on the entire 0.5% reduction to people with an SVR (standard variable rate) mortgage. The reduction will take effect in March.

And most people with tracker mortgages will automatically benefit from the drop – with the exception of those whose rates are prevented from dropping any further by a ‘collar’ (a minimum level).

“Lower mortgage payments can make a big difference to a household’s monthly finances, if used wisely. For example, this could be a great opportunity to overpay their mortgage, reduce their unsecured debts, or both. Others may choose to put that money aside for a rainy day.

“Anyone who’s unsure about the best way to use that money should seek professional debt advice.”

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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