Home > News > Debt consolidation

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`

Young people `failing to protect themselves for debt repayments`

26/02/2009

Despite the fact that many young people have debts and mortgages which require financial protection, they are ignoring life cover.

This is the suggestion of LifeSearch, which claimed that three per cent of all its protection policies over the course of last year were bought by people aged 25 and under.

LifeSearch policy advisor Matt Morris said: "Clearly more effort needs to be made to reach younger people. Many younger people have debts, mortgages and families that need financial protection in the event of the main income provider being unable to work."

The firm pointed out that protection policies are generally less expensive for people aged under 25 because they are likely to be healthier.

Figures released this month by Saga suggested that 34 per cent of people are concerned that they will not have sufficient funds to pay future household bills, meaning they may be at risk of future debt problems.

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