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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`

Consumers `cutting back on credit card debt`

01/07/2009

Many UK consumers are cutting back on the amount of money they spend on credit cards as the downturn continues, according to new research.

Tescocompare.com has claimed that almost half the nation`s credit card users (14.6 million, or 44%) have cut their credit card spending by just under £100 per month, on average.

Of those cutting back, 37% did so to reduce debt, while 25% wanted to increase savings, and 18% said they wanted to be less reliant on credit.

A spokesperson for Debt Advisers Direct said: "Because credit cards can carry a higher interest rate than many other forms of credit, credit card debt can prove costly if it isn`t repaid on time.

"In difficult times, it`s particularly important that people keep credit card debt to a minimum unless they are certain they can afford to repay it quickly."

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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