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`

`Significant` number of people in bad financial position

25/05/2007

A large number of Britons are in a vulnerable situation with their finances, an analyst has said.

Howard Archer from financial forecasting company Global Insight said that recent figures about first-quarter debts and bankruptcy show that many borrowers are stretched to their limits.

"Rising interest rates, elevated utility bills, limited real disposable income growth, the fact that many people have stretched themselves to the limit to buy a house and record high debt levels have contributed to the rise in individual insolvencies," he remarked.

Government figures reveal that bankruptcies and individual voluntary arrangements (IVAs) went up in the first three months of this year, with 16,482 Britons declaring themselves bankrupt and 13,233 choosing IVAs.

Mr Archer said he believes that IVAs have "made it more attractive for people to register as insolvent to deal with their financial problems".

Meanwhile, research by life assistance company CPP states that the average Briton will spend £157,530 on a credit card over their lifetime.

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