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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`

Consolidation loans `can help in long credit rating fight`

04/06/2008

Taking out a debt consolidation loan can help those with severe financial problems sort out their finances and improve their credit ratings at the same time, an industry expert has stated.

As the UK`s total personal debt continues to reach record highs, many consumers are looking at debt consolidation as a way out of their troubles.

However, according to debt expert Alex Jonnes, even the clearing of the initial debt may not be the end of the problems. A bad credit rating could impact on financial decisions for a long time and debt consolidation loans can gradually improve that score.

He added: "Improving your credit score is a tough job and requires a good amount of time. It improves when you make timely payments and your debts are cleared."

According to Credit Action, the UK`s total personal debt stood at £1,436 billion at the end of April.

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