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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`

Loan market `disproportionately` affected by credit crunch

03/04/2008

The current financial instability which is affecting markets around the world means that now is "probably not the best time" to take out a loan, an industry expert has claimed.

Many people require loans for debt consolidation and other financial matters, which Fool states is "fine", but taking out a loan to buy expensive items should be "delayed".

The cost of small loans usually required to purchase goods or holidays has "disproportionately" been affected by the recent credit crunch and its aftermath, David Kuo, head of personal finance at Fool, said.

Mr Kuo added: "With banks competing strongly with each other to attract money, consumers should take advantage of the high savings rates by delaying purchases and putting money away instead."

According to Moneyfacts, 12 lenders have ceased operation in the personal loan market in the last 12 months.

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