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Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive` School focuses on "curing Ireland`s debt disease"

Debt warning as recession continues

02/11/2009

According to figures from the Office for National Statistics (ONS), the economy shrank by 0.4% in the third quarter of 2009, dashing hopes that Britain had come out of recession, the Telegraph reports.

The figures show that the economy has now contracted for six straight quarters - the longest run since records began in 1955.

Meanwhile, Thursday`s retail sales figures showed that consumers were focusing on cutting back their debts and adding to their savings, rather than spending.

James Shugg, an economist at Westpac, said: "There will be retrenchment as households pay down debt." He went on to say that "the economy still needs quite a lot of support".

A spokesperson for Debt Advisers Direct commented: "In light of the news, it is important that people remain careful with their finances and act fast to tackle any outstanding debts.

"As the recession continues, and economic conditions remain difficult, we may see more people struggling with their finances and falling into debt. We would advise anyone who does run into debt problems to contact a professional debt adviser without delay."

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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).

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 Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in