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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`

Debt consolidation has "many benefits"

10/09/2008

Debt consolidation can be an effective means of managing debt and reducing monthly payments, a website has said.

The Thrifty Scot claimed that "there are many benefits" of consolidating debt, including lowering the chances of missing payments.

It claimed that "many people" do this each year and more will likely do so in the future, thanks to current pressures on budgets brought on by the credit crunch.

Shopping around is the key to getting the best type of debt consolidation loan, the website stated, also saying that there are still some good deals around in the marketplace.

Jonathan French of the Association of British Insurers recently claimed that people should not always go for the cheapest products, because they may not necessarily be the ones which best suit their needs.

Seeking independent advice from experts could be the best option, he suggested.

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Debt experts www.DebtAdvisersDirect.co.uk provide debt advice, debt consolidation and IVAs (Individual Voluntary Arrangements).

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