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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`

Credit card spending slows as consumers pay down debt

21/09/2009

Research by the Payments Council suggests that consumers are trying to pay down their debt rather than use their credit cards to take on more.

The organisation recorded a fall of 0.1% in the number of credit card transactions in the second three-month period of 2009.

It also found that the total amount borrowed on credit cards was 1% lower than during the same period last year.

For every pound borrowed through credit cards during the second quarter, an average of 97.6p was repaid, implying that more people are becoming aware of the importance of clearing their debts.

A spokesperson for Debt Advisers Direct commented: "Credit cards can be a useful way of spreading out costs, but it important that borrowers know how they will be able to repay their debts before taking them on.

"The high interest rates often associated with credit cards can cause debts to grow quickly, so anyone considering applying for a credit card - or any other form of credit for that matter - should think carefully about whether they will be able to afford their debt repayments."

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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