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`

Debts called in by parents

26/08/2010

According to research, `the bank of Mum and Dad` is now calling in its debts - as parents ask for larger amounts of money back from their children, The Telegraph reports.

The findings revealed that one in 10 grown-up children either gave or lent, on average, £8,250 to their parents last year. This figure is £1,750 higher than it was in 2008.

More than one third of parents admitted to using the money they received from their children to repay their own debts, while a similar amount used the money to cover their everyday expenses.

A spokesperson for Debt Advisers Direct commented: "We would advise anyone struggling to afford their day-to-day living costs and/or their debt repayments after the recession to seek professional debt advice.

"Borrowing money from family members may provide a temporary solution to the problem, but it is unlikely to solve it unless they start managing their finances more effectively."

---

Debt Advisers Direct offer 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