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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`

Money management `key to clearing debt`

25/05/2007

Money management is the key to getting out of debt effectively, according to advice given by Sky News.

In a guide entitled Top Five Ways to Clear Your Debt, it is recommended that people keep a diary of their purchases and withdrawals to highlight where money disappears to each month.

Also effective for avoiding financial problems is writing a monthly budget at the beginning of each which considers all possible expenditures; the planned budget can later be compared to the diary of actual spending.

"If you can start managing your finances better and living within your means, this is the ideal way to get out of debt," the article states.

If the situation is serious and involves high levels of debt, the news provider suggests that a consumer may want to consider debt consolidation or an individual voluntary arrangement.

In related news, the Thrifty Scot recently advised debtors to pay off more than their monthly minimum in order to clear debt more quickly.

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