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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`

Personal finance education `could help reduce debt`

07/03/2007

A lack of understanding regarding personal finance leads people to get into debt, according to a financial helpline.

People take out personal loans and agree to credit without grasping the long-term consequences, said a spokesperson for National Debtline.

Beccy Wilks stressed that misunderstanding of personal finance and problems with debt management spanned income levels and is "a problem across the board".

Some consumers may have got into trouble with debt because they did not choose the right product from their lender, added Ms Wilks.

She said: "[Personal finance education] really does need to be taught in schools so that people do understand what equity is; if you`re choosing a mortgage, what are the sorts of things to look for."

However, she stressed that lenders also need to take responsibility regarding their customers to ensure they comprehend the implications of financial products.

Last month, the Personal Finance Education Group found that 20 per cent of teenagers did not realise they had to repay a credit card balance.

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