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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`

Non-payment of credit card debts - the consequences

30/11/2009

Recent research from Confused.com has shown that many people who don`t keep up with payments towards their credit card debts are seeing their accounts closed as a result.

The price comparison site found that people in Yorkshire were `most likely to struggle` with payments towards their credit card debts. In Yorkshire, around 1 in 3 (35% of) accounts that were closed by the provider were closed because the individual hadn`t kept up with payments. Nationally, the figure is around 1 in 5.

Head of credit cards at Confused.com, Joanne Garcia, said: "Credit card users in all regions need to understand how damaging it can be to miss repayments. While it may not seem like a big deal to miss a few payments here and there, credit providers - which include mortgage lenders - leave no stone unturned when it comes to checking a person`s credit worthiness. It they see a history of non-payments it makes it much more difficult to borrow money."

"Before people take on any kind of debt," said a spokesperson for Debt Advisers Direct, "it`s vital they consider the potential consequences - and make sure they`ll be able to afford the repayments.

"When it comes to missing payments, the effect on their credit rating is an important consideration, as is the impact it can have on their overall financial situation. Any debt which is left unpaid can easily accrue a lot more interest than the borrower expected, especially when it`s a debt that comes with a high interest rate.

"Anyone who finds themselves struggling to repay money they`ve borrowed should not hesitate to get some professional debt advice."

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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