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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`

Children `should be protected from their parents` debt`

21/05/2007

People with high levels of debt should ensure that they make provisions to protect their children from inheriting their financial problems, an online insurance broker claimed today.

John Williams, manager of Life-Insurance-Online.co.uk, said: "With household debt at an all-time high, kids today could be facing a grim future if their parents die without adequate financial protection."

He explained that "borrowers may have a strategy for how they are going to pay off their debts in the future", but these plans may fall apart if they die before the loans are cleared.

Mr Williams warned that children in such a situation could risk losing their inheritance as they pay off their parents` debts.

Investing in life insurance can help families avoid this "nightmare situation" and assure their children have a secure financial future, he added.

Personal debt in the UK increases by £1 million every four minutes, according to Credit Action.

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