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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`

A lack of understanding `can result in debt`

24/04/2007

Consumers can avoid debt by gaining a basic grasp of personal finance, new research from Stroud & Swindon reveals.

According to a study from the building society, there is currently a "worrying" lack of personal finance knowledge among consumers in the UK.

Understanding of stamp duty, income tax and mortgages was low across the country, the survey states.

Paul Chafer, sales and marketing director at Stroud & Swindon, commented: "Understanding basic personal finances is key to consumers making the most of their income and, ultimately, avoiding significant debt problems."

For example, consumers who begin the home-buying process but do not understand stamp duty requirements would be at a significant disadvantage, he added.

The UK needs to make an effort to understand the personal finance basics, Mr Chafer concluded.

Britain`s personal debt is increasing by a total of £1 million every four minutes, according to figures from Credit Action.

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