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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 "stand out from the crowd"

05/06/2008

Debt consolidation loans "stand out from the crowd" as they are designed to help people deal with the debt that they already have, an industry expert has claimed.

While taking out such a loan can be quite daunting to many consumers, there are a number of benefits to debt consolidation, DebtAdvisersDirect.co.uk stated.

By taking out a consolidation loan, much of the stress of having to deal with many creditors can be wiped out, as only one company will be owed money, Melanie Taylor said.

The debt expert added: "A consolidation loan gives the borrower a chance to think carefully about repayment terms.

"If they couldn`t keep up with repayments to their `old` debts, it might make sense to pay back the consolidation loan over a longer period of time."

Recent research by Credit Action found that the UK`s total personal debt increased by £110 billion over the year to the end of April to £1.436 trillion.

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