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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`

Wage `explosion` increases debt fears

17/01/2008

Wages in the UK have "exploded" over the last few years, creating a large gap between the overpaid and the underpaid, a financial charity has suggested.

While economic conditions in the UK have been good, a number of jobs have become increasingly well paid, according to Credit Action.

However, as the cost of living has increased, those that are not as well paid have been struggling to keep their finances afloat, with the need for debt consolidation loans and professional debt advice soaring, Chris Tapp, director of Credit Action, said.

Mr Tapp added: "For a lot of people in recent years and still now, the rate at which their wages are going up is substantially slower than that of the cost of living. I think we`ll see that particularly this year with utility prices going up."

According to the charity, the average UK household owed £8,956 at the end of November on credit cards and overdrafts.

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