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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`

Credit crunch `could bite back`

26/10/2007

The recent credit crunch could return to the UK financial market on a renewed and intensified scale if lessons from the summer`s crisis have not been learned, the Bank of England (BoE) has warned.

In news which may be important to those in the debt consolidation process, the BoE`s financial stability report warned that the UK`s financial sector is vulnerable to further shocks after ignoring warnings of "seriously flawed" procedures used throughout the industry.

The BoE admitted that it needs to improve itself after the three-day Northern Rock crisis but said lax working practices in other areas were of much more concern.

John Gieve, BoE deputy governor for financial stability, said: "Some important lessons need to be learned by both financial institutions and authorities on liquidity risk management, valuation of complex instruments, disclosures of risk positions and on crisis management."

In September, over £2 billion was withdrawn from Northern Rock accounts after the BoE provided liquidity support for the mortgage lender.

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