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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`

Savers advised not to raid nest eggs

10/07/2009

Savers are being urged not to use their savings or investments in order to fund their current lifestyle, moneyfacts.co.uk reports.

Recent research from LV= (Liverpool Victoria) found that 22% of people surveyed said they had been `raiding their savings and investments to cover day-to-day outgoings`, while only 4% of those questioned said they had taken out insurance to replace their income should they fall ill and be unable to work.

Chief Executive of LV= group, Mike Rogers, said: "Rather than doing away with valuable insurance or eating into savings, it is important for people to take stock of their financial situation."

A debt specialist for Debt Advisers Direct said: "In today`s economic climate, many people will be finding it difficult to cope with financial demands such as debt repayments and utility bills. Although using savings to cover these costs may seem practical, it may not be the best option.

"It`s important that people plan for their future, and savings are an excellent way for people to keep their money safe until they need it. By preparing for their financial future, people can protect themselves from debt in later years."

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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