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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`

Over-regulation of credit market `could harm consumers`

06/07/2009

While responsible lending is important, over-regulation could harm consumers, an industry body has said.

According to the Finance and Leasing Association (FLA), the UK has one of the most robust statutory consumer credit protection regimes in the world.

The organisation also said it supports a number of recent measures to help people experiencing financial difficulties, such as "breathing space" for unsecured credit borrowers with debt problems - which allows them time to get the help they require.

In addition, the FLA said it supports the idea of working with the government to deal with companies which mislead people over the possibility of writing off their debts.

However, there is a risk, the association said, that a proliferation of regulatory reviews coupled with regulation which is already set to be implemented could cause the credit market to shrink further.

FLA head of consumer finance Fiona Hoyle said: "We already face a barrage of new regulation. There are now real risks for consumers who face reduced credit availability and higher prices."

The FLA is a trade association for the asset, consumer and motor finance sectors in the UK.

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