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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 should "let the govt worry about recession"

29/01/2008

Consumers should worry about their own finances rather than the possibility of an impending recession, an industry expert has suggested.

People undertaking debt consolidation schemes should get their financial houses in order rather than worry about situations - such as a recession - which are out of their control, Fool.co.uk stated.

A recession could occur because consumers have had ten years of "frivolous spending" which has been ended by the recent credit crunch, David Kuo, head of personal finance at Fool.co.uk, said.

Mr Kuo added: "You need to make sure that your finances are in good shape so that when you do have to go to the bank and borrow money they can see you have more equity in your home and that you are better prepared for the credit crunch."

Last week, the US Federal Reserve cut interest rates amid recession fears.

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