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Government warns about rising credit card debt Debt - the 12-month view Amount of `bad debt` written off reaches 16-year high Deeper into debt: middle-class poverty Debt taken on by individuals increased in January Debt Relief Order (DRO) rules may be changed Overdrafts: five million Britons `permanently` in debt Mortgage lending drops to decade low The cost of debt falls Two thirds hope to have cleared mortgage debt by 50 40% of people approaching retirement `saddled with debt` Repossession `may be best` for homeowners struggling with debt Bankruptcies in Scotland - the worst may be yet to come Good news for people with energy debts US: new law provides debt-free date More debt taken on than repaid in December Savings rise as consumers pay down debt Household debt `could trigger another downturn` More families could fall into debt with energy companies Recession ends

More than 20% using savings to `pay down` debt

11/06/2009

According to recent research by HSBC, more than 20% of the world`s workers have used their savings to pay down debt and 13% have stopped saving altogether.

The research, based on interviews with 15,000 people in 15 countries, also found that nearly 9 out of 10 people feel they are `unprepared for retirement` and around 75% don`t know what their income will be when they retire, The Guardian reports.

Clive Bannister, HSBC`s head of insurance, said: "the recession means that people are worrying more about surviving from day to day than they are concerned about the future." A spokesperson for Debt Advisers Direct commented: "If people are repaying debts rather than saving, they could be saving money in the long run, as the interest accrued on savings is usually not as high as that on debts.

"Even so, people in a position to save should try to do so, as savings can offer protection against debt as well as help with unexpected costs, should they occur."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

Government warns about rising credit card debt 05/03/2010 - The latest figures from the Bank of England (BoE) have Debt - the 12-month view 04/03/2010 - In January, UK citizens - between them - borrowed £500 Amount of `bad debt` written off reaches 16-year high 03/03/2010 - The latest figures from the Bank of England (BoE) suggest Deeper into debt: middle-class poverty 02/03/2010 - The recession has also affected a lot of people with