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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 `withdrawing savings to pay off debt`

06/08/2009

Savers collectively withdrew the largest amount of cash in at least 54 years in June, with many looking to take advantage of low interest rates to overpay on debts, according to a new report.

The Building Societies Association (BSA) said that a total of £2.3bn was withdrawn in June, the largest amount since data was first collected in 1955.

Brian Morris, head of savings policy at the BSA, said: "There is evidence households are looking to take advantage of low interest rates to pay off debt rather than save. These conditions are expected to persist into 2010."

A spokesperson for Debt Advisers Direct said: "Using savings to pay off debt can save money in the long run, as interest on debt usually grows faster than savings interest. However, it`s only particularly necessary for people who are struggling with their debts.

"Of course, there are many people struggling with debt who have no savings to fall back on. Anyone in this situation should seek debt advice at the earliest opportunity."

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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