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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`

Future Tax Freedom Days could be delayed by Government debt

18/05/2009

Tax Freedom Day - the day by which the average worker has earned enough to pay all their taxes - arrived on May 14th this year, over a week earlier than in 2008.

Tax Freedom Day takes into account all taxes paid by the average consumer, including income tax and VAT. This year`s Tax Freedom Day is the earliest since 1973.

The earlier date may be a result of the Government`s VAT cut to 15%, as well as lower consumer spending and reduced incomes.

However, Gabriel Stein, Chief Economist at Lombard Street Research - which calculates Tax Freedom Day each year - said: "Running up deficits can be described as a form of deferred taxation. The effect will be that when the economy recovers - as it will eventually do - the UK tax burden is likely to rise much faster than would otherwise have been the case and Tax Freedom Day is likely to creep later and later in the year."

Moneyweek.com gave a similar view, saying taxpayers will face `much bigger tax bills as we start having to pay off our government`s debts`.

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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