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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`

`Debt-fuelled` spending slows

08/10/2009

According to figures from the Office for National Statistics, the `debt-fuelled spending boom that gripped Britain` has ended, the Daily Mail reports.

In the second quarter of 2009, the amount people spent on groceries fell by 4.6% year-on-year to £16.3bn, and purchases of alcohol and tobacco dropped by 6.5%.

£13.4bn was saved in the second three-month period of the year, with around £2.5bn of that used to pay off debts - implying that more households are saving their money to repay their debts rather than spending more.

The Bank of England released separate figures revealing that in August, borrowers continued to reduce their debts, clearing £309m of unsecured loans.

Danny Gabay, of Fathom Financial Consulting, commented: "Households have been running a rate of consumption that they couldn`t afford for the best part of a decade.

"Unfortunately, the extent to which we over-indebted ourselves means we could be in for a prolonged period in which consumer spending has to grow slower than the overall economy."

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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