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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`

Credit card companies `squeezing` borrowers

24/04/2009

Consumer watchdog Which? has claimed that credit card companies are making it more difficult for people to repay their debts in the midst of a recession.

The company claims that as many as 28 providers of popular credit cards have altered their terms and conditions in the last year, including increasing interest rates or other charges, reducing repayment periods and reducing interest-free periods.

Which? Money editor Martyn Hocking said: "At a time when we`re all feeling the pinch, it`s hugely disappointing that credit card companies are choosing to put the squeeze on borrowers more than ever."

A spokesperson for Debt Advisers Direct said that the issue highlighted the importance of shopping around and being careful with spending.

"In any business, companies have to compete with each other, so looking around for the best deal can help to stop credit card debt from growing so quickly.

"However, as long as the card holder is careful with their spending and repays the balance on time, they may never have to pay any interest, since interest is usually calculated on the balance at the end of each month."

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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