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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`

Two thirds hope to have cleared mortgage debt by 50

17/02/2010

Research carried out by The Co-operative Bank Mortgages has found that almost two thirds (62%) of mortgage holders hope to have cleared their mortgage debt entirely by the age of 50, headlinemoney.co.uk reports.

The bank asked borrowers how repaying their mortgage debt would change their lives. The findings showed that just over half would go on more holidays, while 31% would pay more money into their pension (or equivalent) to make sure they had enough money to cover their costs after retirement.

Just over one in four (27%) would work less, either quitting work altogether or cutting back their hours and working part time.

Many people have been making overpayments towards their mortgage debt, with 31% saying that they were doing this `to reduce the term of their mortgage`.

Head of Mortgages at The Co-operative Bank, James Hillon, said: "The research clearly shows that many mortgage holders are looking to take advantage of the low interest rate environment by making overpayments."

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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