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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`

Expert: Emergency money should be kept

07/09/2007

Consumers worried about short-term debt problems should keep a small amount of money in an "easy to get to" account in case they run into trouble, a financial expert has suggested.

Increased demands on limited incomes are forcing more people into short-term debt which, if not dealt with properly, could spiral "out of control", a spokesman for St Edmundsbury Financial Services said.

Mark Wapshott, from the company, said that if possible people should put aside "three to six months` salary" in an individual savings account or one-month accounts for emergencies or accidental overspending.

He added: "The main reason for people not having enough money saved for important things is that there are too many demands on limited income - clients tend to spend for today and forget about tomorrow. Education at school level should also be improved."

According to figures from NS & I, individual savings accounts in the UK have grown over recent years, with the amount saved per head averaging £91.82 per month in autumn 2006.

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