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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`

55% of Brits trying to clear debts

15/10/2008

Over half (55 per cent) of adults in Britain are taking action to clear their debts, new figures reveal.

Produced by Lloyds TSB Consumer Banking, the research found that 32 per cent of consumers surveyed had increased the amount they pay off their outstanding loans each month.

Meanwhile, 19 per cent reported focusing on repaying their debt high-interest debt.

However, savings are suffering, with almost two in five people (37 per cent) questioned reporting they are now depositing less money.

"With rising bills it`s becoming harder to put money on one side. We all understand the need to save but what consumers told us they need is more guidance and advice on how to save more when their finances are being squeezed," stated Ian Larkin, managing director of Lloyds TSB Consumer Banking.

Recently, the bank released figures which suggested that 57 per cent of adults surveyed in Scotland are taking action to tackle their debt.

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