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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`

Record debt defaults predicted for the New Year

04/12/2009

Banks have been warned that their debt collection departments could face the `busiest New Year on record` as debt defaults are predicted to rise after Christmas, the Telegraph reports.

According to the credit-checking company Experian, January is `traditionally the worst time of year for debt defaults`. The company also said that because of the recent rise in unemployment and personal insolvencies, the first quarter of 2010 will be `the busiest period ever`.

Experian`s head of collections for UK and Ireland, Simon Walter, said: "Christmas is a catalyst for delinquency and bad debt, with credit card and overdraft debt traditionally peaking in the New Year.

"Economic indicators and feedback from our collections clients suggests that the first quarter of 2010 could be the busiest period ever seen."

A spokesperson for Debt Advisers Direct commented: "Christmas can be an expensive time of year for anyone, and the problems this can cause are often especially serious for people in debt.

"It is particularly important that people do their best to remain in control of their finances over the festive period. We would advise anyone struggling with their debts to contact a professional debt adviser."

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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