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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`

More families looking to downsize and reduce debts

16/04/2009

New figures have shown an increase in the number of homeowners looking to sell their home quickly and reduce their debt burden.

Property Portfolio Rescue (PPR), which specialises in helping struggling homeowners sell their property, said that the number of inquiries it had received had almost doubled since last year.

The area with the fastest rate of growth was in homes worth £500,000 or more.

Nick Hopkinson of PPR commented: "Owners of expensive properties are increasingly concerned about job security and are looking to downsize or reduce their debts."

A spokesperson for Debt Advisers Direct said: "Downsizing to a smaller home can help to raise cash, but it`s important to realise that any reduction in equity can put the homeowner in a weaker long-term financial position.

"There may be a number of debt solutions that can help homeowners reduce their debts without reducing their equity - or losing a home they may be very attached to."

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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