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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`

Luxury purchases `leave Britons with debt`

16/05/2007

Britons have developed a taste for the finer things, such a luxury holidays, gourmet food and champagne, according to new research.

The British Lifestyles survey, released by market research firm Mintel, revealed that consumers spent £1.09 trillion - including property costs - in 2006, a nine per cent increase on the year before.

Some £23.8 billion was spent on overseas holidays last year, while £10 billion was put toward wine and champagne, up seven per cent from 2005, the study indicates.

Neil Mason, a senior retail analyst at Mintel, said: "Rising disposable income has led to higher expectations about the quality of life, and as a result we are increasingly trading up and spending more on better quality, premium products and services."

Meanwhile, Ed Stansfield at Capital Economics told the Telegraph that the findings are not surprising, especially given rising interest rates and a growing comfort with debt.

"On average people are taking out larger and larger debts and the cost of financing is going up," he explained.

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