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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`

Consumers advised to protect their income

05/12/2008

People should take steps to protect their income if they wish to avoid the possibility of personal finance problems, such as high level debt, in the future.

This is the warning from Insurancewide, which recommends that consumers consider taking out payment protection insurance (PPI).

The product provides an income to maintain loan and debt repayments, as well as bills and other living expenses, in the event that its holders are made redundant.

Chief executive of Insurancewide James Harrison said: "With people in the UK losing their jobs at the fastest rates since 1991, PPI should be on your list of top priorities when considering the financial security of you and your family."

He added that, as well as rising unemployment, the UK is also undergoing increases in the cost of living.

Last month, Barclays Financial Planning found that 47 per cent of people surveyed had no insurance policies in place to protect them and their families in the event that they lost their income, became ill or died.

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