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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`

One in ten should clear mortgage debt a decade early

29/05/2009

A recent poll conducted by first direct found that one in ten homeowners are on their way to paying off their mortgage debt 10 years earlier than originally expected.

As compareandsave.com reports, this is due to lower interest rates and the fact that borrowers are more willing to switch from one mortgage product to another.

It was also found that 83% of the homeowners polled hoped to pay off their mortgage debt earlier than previously expected, with the average homeowner expecting to pay it off 3 years earlier.

"Homeowners trying to clear their mortgage debt early will find that things like utility bills and debt repayments are easier to afford once they have done so," said a spokesperson for Debt Advisers Direct.

"Others whose mortgage costs have dropped may choose to use that `extra` money to overpay other debts - or to help them pay for other living expenses - in the more immediate future."

First direct spokesman Jimmy Kelly said: "For many, a mortgage represents the biggest debt they will ever have - the typical householder will have five mortgages over their lifetime, which is a massive commitment. By making sound financial decisions and choosing a flexible mortgage such as an offset, freedom can be closer than ever before."

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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