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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`

Borrowers have `unrealistic expectations`

20/08/2007

Two-thirds of borrowers have unrealistic expectations about when they will pay off their debts, a new survey has found.

On average, borrowers have non-mortgage debts of over £11,000 which they expect to pay back within three years. However, it would take over seven years to pay off such a sum, according to fool.co.uk.

Nearly a fifth (19 per cent) of those polled with debts of more than £20,000 said that they could not afford to make any repayments at present, while 31 per cent will use over a fifth of their monthly wages to pay off debts.

David Kuo, head of personal finance at Fool.co.uk, says: "It is worrying to learn that two out of three people have taken on debts without fully understanding what is involved or how long it will take to repay the loan."

A number of debt solutions are on offer across the market, including individual voluntary arrangements, which reduce the monthly payment of debts in agreement with creditors.

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