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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`

Lack of mortgage funding `due to constraints faced by banks`

15/01/2009

Many consumers are struggling to secure home loans as a result of the constraints that banks are under, an expert has said.

According to Sue Anderson, head of member and external relations at the Council of Mortgage Lenders (CML), financial institutions are currently operating under a conflicting set of objectives.

She said: "There is less lending going on than there was a year ago but that`s less a sign of caution than a sign of the constraints that lenders are under in terms of their own funding situation and various conflicting pressures that they face."

Ms Anderson added that banks are being expected to increase the flow of lending, while also recapitalising and strengthening their balance sheets.

In addition, they are under pressure to reduce and manage households in arrears and cut down on the number of repossessions of homes where the owners are struggling with their personal finances.

According to a CML report from November 2008, there were 11.69 million outstanding mortgages in the UK in the third quarter of the year.

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