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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`

`Millions of Britons` are permanently overdrawn

20/07/2007

Millions of people in the UK are permanently overdrawn, according to new research.

Research by moneysupermarket.com indicates that more than 2.1 million Britons stay permanently in the red, while nearly half of working adults admit they were overdrawn at least once year.

Kevin Mountford, head of current accounts at the price comparison website, said it is likely that rising interest rates are contributing to people using an overdraft as a method of debt management.

"It`s no surprise [that] so many people are permanently in the red - with interest rates having risen five times in the past year, consumers are no doubt feeling the squeeze," he said.

However, he warned that operating in an overdraft "can be a murky place to reside", particularly if someone is nearing their authorised limit.

"Unauthorised rates are often much higher and there are sharp penalty fees for breaching you agreement," he added.

A study by Mintel recently stated that one in five Britons are concerned about the amount of money they owe on credit cards, loans and overdrafts.

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