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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`

Mortgage approvals rise; unsecured debt falls

28/04/2010

According to figures from the British Bankers` Association (BBA), the number of mortgages approved for house purchase increased by 5% during March, the Daily Mail reports.

Throughout March, a total of 34,905 mortgages were approved (by the major banks) for people buying a new property - 20% higher than the figure recorded last March.

The figures also revealed a further fall in net mortgage lending to £2.4bn - the lowest level since July last year, and down from the `recent six-month average of £2.9bn`.

The BBA said the `subdued` net mortgage lending figure was due to homeowners using any spare money they had to pay down their mortgage debt.

Meanwhile, the amount of unsecured debt repaid outstripped the amount of debt taken on for the 12th consecutive month - with consumers paying off £63m more debt than they took on in March.

Despite debt repayments outstripping new spending, the amount of debt taken on through credit cards increased by £148m, while the amount of debt taken on through loans and overdrafts fell by £211m.

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