Home > News > Debt advice

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`

City living forces many into debt problems

25/10/2007

Residents of three UK cities may be needing professional debt advice after new research found them to have the highest levels of personal debt in the country.

People living in greater London, Liverpool and Birmingham are borrowing more and more money, according to a survey by Callcredit.

While east London topped the survey, many areas of the country were found to be experiencing a "borrowing boom", with people relying on credit rather than savings to live. Liverpool came a close second in the poll, with Birmingham third.

Owen Roberts, head of Callcredit, said: "Despite the recent credit crunch, consumers seem to be borrowing more and more, especially in the capital. This goes to further illustrate the increasing cost of living in London isn`t being matched by corresponding salary increases, which leaves people relying more on credit than on savings."

According to figures from Credit Action, the average household debt at the end of August was £8,873 excluding mortgages.

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