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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`

Unmanageable debt forces more into bankruptcy

06/08/2009

Next Friday, official figures will reveal an all-time high in the number of people being declared insolvent, The Independent reports.

As levels of unmanageable debt rise, the number of personal insolvencies will, it reports, exceed 30,000 in a three-month period for the first time, taking bankruptcies in 2009 up to a total of 41,870 (working out at one person every six minutes) and IVAs (Individual Voluntary Arrangements) up to 22,976 (five people every hour).

A spokesperson for Debt Advisers Direct commented: "At a time like now, many people are finding their finances strained, leading thousands into unmanageable debt.

"Although insolvency may not seem the most appealing option, many people will find that bankruptcy or an IVA is actually the best way for them to deal with their debts.

"Having said that, by speaking to a professional debt adviser and tackling their debts when they start becoming a problem, individuals can reduce the risk of their finances getting out of control in the first place."

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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