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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`

Repossession `may be best` for homeowners struggling with debt

15/02/2010

According to the Housing Minister, John Healey, repossession may be `the best thing` for some people struggling with their mortgage debt, the Telegraph reports.

Mr. Healey made the statement as figures from the Council of Mortgage Lenders (CML) showed that an average of 126 repossessions took place every day in 2009.

In an interview on BBC`s Radio 5 Live, Mr. Healey was asked why, despite help from the Government, there were 46,000 repossessions last year.

He said: "Sometimes it is impossible for people to maintain the mortgage commitments they`ve got... it may be the best thing in those circumstances."

The CML is expecting to see a rise in repossessions and the number of people falling behind with their monthly mortgage debt repayments in 2010 - stating that household finances will `come under greater pressure amid economic uncertainty and possible interest rate rises`.

Managing Director of European Forecasting and Analysis for Global Insight`s Intelligence Group, Howard Archer, warned: "A significant number of homeowners are still at risk. Unemployment is relatively high… many people have suffered wage freezes or even cuts, debt levels have risen and credit conditions remain very tight. Even if the economy can sustain recovery, activity is unlikely to be strong enough for some time to come to stop full-time employment falling further."

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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