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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 repayment `requires strategy`

11/04/2007

A careful strategy can help consumers save money when managing debt repayment, a general manager of ESPC Money Management has claimed.

Writing in the Metro, Lesley Canavan said that consumers should investigate the interest rates on each of their credit cards when deciding how much to pay back each month.

Cards with a higher interest rate should be prioritised when sending payments, she suggested.

Additionally, she said that consumers who have high levels of debt may want to consider refinancing, debt consolidation or even contacting lenders to negotiate a lower rate.

"It pays to be smart when repaying your debts. You`ll be amazed at how easy it is to reduce your interest rate," Ms Canavan commented.

"Sometimes a simple call can change your rate from 18 per cent to as low as nine per cent."

Recently, consumer watchdog Which? revealed that many credit card providers use different formulas to calculate interest, which could lead to customer confusion.

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