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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`

`Slowing` consumer credit in the UK

24/05/2007

High levels of personal debt seem to have finally pushed Britons to ease their borrowing, according to new research.

Figures from market analyst Datamonitor reveal that gross lending in Britain decreased by 4.5 per cent in 2006 to £207.8 billion.

Additionally, the company cautioned that the current debt crisis in the UK could extend problems in the consumer credit market for the next few years.

Financial services analyst Maya Imberg said that "a weaker labour market, combined with high consumer debts and weakened consumer confidence" caused people to cut back on their spending recently.

People would be wise to pay off their current debts instead of borrowing more money and accruing new ones, she added.

The UK currently has more than £1.3 trillion in personal debt. Additionally, Citizens Advice reports that it has dealt with 1.4 million debt problems in the past year.

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