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Consumers `increasingly experiencing debt problems` Over-50s `better at managing credit card debt` New banking rules `may restrict access to loans` UK `must reduce consumer debt` 700k `on Debt Management Plans` Recession `could lead to financial problems for retirees` Charity sees increase in debt, mortgage and loan arrear enquiries Retirees` finances `may be damaged by rate cut` Consumers `aiming to reduce spending` People `increasingly turning to illegal loans` Children raised in credit crunch `may be better able to manage money` Many parents `pushed into debt by adult children` Young people `failing to protect themselves for debt repayments` Consumers in East Midlands `relying less on debt to fund lives` Plans set out to help people in debt PPI ban `could leave consumers without loan cover` Govt `must step in to stop debt addiction` Cash-strapped Brits `see fraud as more acceptable` People `should not rely on mortgage rescue plan` Consumers `to take out £3bn in debt consolidation loans by Easter`

Facebook users warned over illegal debt ads

13/05/2008

Credit companies are illegally targeting users of internet social networking sites in a bid to boost their debt consolidation businesses, a charity has warned.

Research from Credit Action found that adverts promising cheap loans for people with poor credit ratings are appearing on the site and many break advertising regulations.

The study found details of interest rates and repayment structures are often left out of the adverts on the site due to a lack of space - something which is against UK advertising regulations.

A charity spokesman told the BBC that Facebook`s huge recent popularity has made it the target of many financial advertisers.

"Lots of credit companies, especially payday and logbook loans companies, are using the medium to advertise their products," he said.

"It is such a popular method because they can target young people with whom the site is so popular."

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