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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`

Irish Reduce debt

07/01/2010

People in Ireland are reducing their debt levels, new figures from the Central Bank have shown. As The Irish Times reports, Irish residents are `significantly` reducing the debt they`re carrying in the form of credit card balances, mortgages and other kinds of debt.

Because of the recession, The Irish Times states, consumers are actually paying off more debt than they`re borrowing, meaning the level of outstanding debt is falling.

For the first time in almost two decades, the annual growth rate in outstanding mortgage debt has actually fallen - partly because stricter lending criteria are making it harder for would-be homebuyers to get a mortgage.

When it comes to credit cards, people in Ireland collectively repaid more than they borrowed in nine of the first 11 months of 2009, and by the end of November, they were carrying 0.6% less credit card debt than they were a year earlier. The number of personal cards in use has also been falling - in November, for example, the number dropped by about 10,000, meaning there were 2.178 million cards in use when December started.

The overall value of overdrafts also fell in November – by about €81 million.

"As in the UK, consumers in Ireland are reducing their debt as a result of the recession," said a spokesperson for Debt Advisers Direct.

"It`s partly due to the limited availability of credit, of course, but even so it`s good to see people finding ways to bring down the levels of debt they`re carrying - firstly because it means they`re improving their financial situation, and secondly because they`re proving to themselves that they can make an impact on their debt."

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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