Home > News > Debt advice

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`

Tackling the national debt

08/06/2010

Without `urgent action` to curb borrowing, the UK`s national debt would hit £1.4t within five years, Prime Minister David Cameron has said.

Already at £770bn, the national debt is still growing, thanks to the £156bn budget deficit (basically, this means that as a country, we`re spending more than we earn).

Mr Cameron has warned of the changes that need to be made to reduce the deficit, pointing out that if the debt were allowed to reach £1.4t, the country would be paying £70bn in interest every year, as The Telegraph reports.

"Today we spend more on debt interest than we do on running schools in England," he said. "But £70 billion means spending more on debt interest than we currently do on running schools in England plus climate change plus transport. Interest payments of £70 billion mean that for every single pound you pay in tax, 10 pence would be spent on interest."

There are worries, however, that cutting back on spending too quickly could also endanger the country`s fragile economic growth. There are also worries about how it will affect people`s everyday lives.

The Times - which refers to the debt as `the country`s mortgage` and calls the deficit its `overdraft` - reports that Chancellor George Osborne `will call on the public today to identify services that should be cut as he begins a "once-in-a-generation" drive to rein in government expenditure`. People will `be urged to attend meetings and respond with ideas online`.

---

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