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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`

Many Britons `fear their debts`

26/06/2007

Millions of people living in Britain are afraid of addressing their financial problems, a new study reveals.

Research from Sainsbury`s Bank indicates that 2.8 million people in the UK are afraid to confront their possible debts - or even their bank balance.

Additionally, the survey shows that two million Britons choose to avoid talking about their finances with their partners because they are afraid.

"Our advice to people suffering from this condition is not to put your financial management off, problems can arise if you don`t keep an eye on things," advised Kevin Barrett of Sainsbury’s Bank.

"Take control of your finances now, look at your expenditure, plan your budget and by all means, seek advice or counselling if you need to."

Other recommendations made by the bank include prioritising debts which need to be paid and, if a person owes money to several different creditors, exploring debt consolidation.

Products offered by Sainsbury`s Bank include insurance, savings and credit cards.

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