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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`

Financial education `needed to reduce debt`

14/05/2007

Financial education could be the key to preventing financial problems and reducing high levels of debt, a charity said today.

The ifs School of Finance cited research from CreditExpert which indicated that more than 80 per cent of Britons regularly overspend.

Additionally, 24 per cent of consumers said that financial matters are difficult to understand and they have problems managing their finances.

Jim Hodgkins, managing director of CreditExpert, commented on the figures, saying: "What this research seems to expose is a serious lack of understanding of the long-term consequences of these actions and how it can affect your credit rating.

"We feel it`s imperative that people fully realise the implications of not managing their finances properly."

Millions of Britons have considered or taken out an individual voluntary arrangement or declared bankruptcy, the study reveals.

In related news, a recent survey commissioned by Skywire Software stated that nearly one-third of UK adults put off paying their bills each month, which could lead to debt problems.

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