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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`

`Sharp rise` in repossessions

03/08/2007

Property repossessions saw a steep increase during the second half of 2006, according to new figures.

Data from the Council of Mortgage Lenders (CML) reveals that repossessions rose 18 per cent on the previous six months to reach 14,000.

This number also reflects a 30 per cent increase on the equivalent period the year before.

Michael Coogan, CML director general, said that previous data had "underestimated" the impact of sub-prime lending in impacting upon debt problems.

"Overall, the vast majority of mortgage borrowers will continue to cope, even in a market where affordability is stretched," he remarked.

"But anyone who thinks they may face difficulties should talk to their lender early to explore their options - lenders see possession as a last resort, but allowing arrears to mount up makes repayment difficulties more difficult to deal with and is not a sustainable strategy for everyone."

Recent research from Abbey Mortgages indicated that the average first-time buyer borrows £130,000.

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