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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`

Brits `getting to grips with debts in new year`

21/01/2009

There has been an increase in the number of consumers applying for a credit card balance transfer as people try to tackle their debts in the new year, it has been suggested.

According to Halifax, consumers are transferring debt from more expensive products such as store cards and loans.

It suggested that the average credit card holder could save up to £151 by taking such action.

The firm also cited figures produced by trade association APACS, which reveal that the average outstanding balance per credit card holder is £1,856.

Alan Brindley, head of Halifax Card Services, said: "Our own figures show an uplift in the number of people seeking to take advantage of balance transfer deals. We`re delighted to see many people are organising their finances after the festive period."

Meanwhile, figures produced recently by uSwitch.com suggested that consumers in the UK could save a combined total of around £20 billion by consolidating their debts.

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