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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`

Consumers consolidate debts amid turbulent financial markets

28/09/2007

Borrowing on personal loans and overdrafts dropped in August as the credit crunch meant consumers were more prudent with their money, according to new figures.

Consumers borrowed £300 million less in August through personal loans, while credit card borrowing fell by £100 million as debt consolidation became more of an issue in the troubled financial markets, the British Bankers` Association (BBA) found.

The turbulent markets hit mortgage growth too, with gross mortgage lending growing by one per cent to £21 billion for the month. In August, there were 168,291 mortgages approved, a figure that was 8.8 per cent lower than August 2006.

David Dooks, BBA director of statistics, said: "The long-term net repayment of card debt continued, while borrowing through loans and overdrafts also fell in August, giving a subdued picture of consumer credit again."

According to Credit Action, the average consumer debt via credit cards, overdrafts and unsecured personal loans was £4,515 at the end of July 2007.

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