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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`

US consumer debt falls

16/09/2009

Consumer debt amongst US citizens fell by a record amount in July, according to the BBC.

Federal Reserve figures showed a $21.6bn (£13bn) fall in consumer debt, compared with June`s figures - a much bigger fall than analysts had expected.

The figures suggest that US households are focusing on cutting back on debt as the economic troubles continue - a situation reflected in the UK, as demonstrated in recent Bank of England figures.

Those figures revealed that UK consumers` total debt fell by £0.6 billion in July, compared with June`s figures - the first fall since the records began in 1993.

A spokesperson for Debt Advisers Direct commented: "It`s encouraging to see so much action being taken towards personal debt in the current economic climate, but there will still be many people struggling to repay their debts. It`s important that anyone in that situation speaks with a debt adviser as soon as possible."

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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).

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