Home > News > Debt advice

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`

Scottish parents help children with debts

25/02/2009

Parents in Scotland are giving or lending their children more than £2,000 above the UK average throughout their lifetimes, news.scotsman.com reports.

Over 50% of the parents with adult children revealed they had provided their children with `significant` amounts of money - to buy a home or pay off debt, among other reasons.

21% of the people questioned in Scotland said they had cut back on daily spending to help their children, while 17% admitted they had fallen into debt themselves in order to do so.

"The immediate impact of parents providing funding to their adult children can be detrimental on long-term savings and investments," said Gordon Greig, head of savings and investments at Scottish Widows, which carried out the survey.

"Many have had to cut back on saving themselves, reduce their outgoings and even take on additional debt. When times are as tough as they currently are, this is the last extra burden parents need."

---

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