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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`

Welsh young adults `at highest risk of debt problems`

03/08/2010

Young adults are more at risk of debt problems than other age groups in Wales, according to a study into the use of credit.

Consumer Focus Wales found that people in the 18-34 age group are most likely to suffer from debt problems, with 29% saying they have fallen behind on bills or debt repayments in the last year.

The research also found that the "realities of life" mean that almost half of Welsh people (47%) have turned to credit to get by.

Many of those not currently in arrears still struggle with their finances: more than a third (35%) said they struggle from time to time with bills and credit repayments, while 17% said they faced a "constant struggle" or are facing "real financial problems".

Lindsey Kearton, Senior Policy Advocate at Consumer Focus Wales, commented: "Our research shows there may be a `ticking time bomb` in terms of people`s ability to cope financially over the coming months. There are already signs that consumers might be overstretching themselves.

"It is vital people are equipped with the right skills to help them manage their finances better to reduce the potentially devastating impact debt problems can have for individuals and families. Bringing in tighter controls on rogue and irresponsible lending will also help long-term."

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