Three quarters of parents have debts in the form of loans, credit card debts and overdrafts, according to 'Families and the credit crunch 2008', a report released in November by the Family and Parenting Institute, based on a YouGov survey of more than 5,000 parents The average debt, apparently, is £8,400, but parents don't just owe money to companies – according to the survey, a full 25% have borrowed money from (or been given money by) their own parents in the last year

Why do people consolidate their debts or enter into IVAs (Individual Voluntary Arrangements) People in debt may be looking for a debt solution that can reduce their monthly debt repayments and help them get out of debt at a rate they can afford

Every time the Bank of England’s (BoE’s) base rate goes down, the price of some existing loans and mortgages – known as ‘tracker’ loans and mortgages – will change immediately After all, they’re called tracker loans and mortgages because they track the base rate

Is debt consolidation the best debt solution for me Now that we’re in a recession (according to the Ernst & Young ITEM Club Autumn forecast), there’s a real need for people with debt problems to understand the differences between debt consolidation and the various other debt solutions available – and understand which one could be right for them at a time like this

In September, inflation reached 52% - the highest for 16 years

“I’m in debt How do I get out of it

For most people, choosing a car is a slow, well-thought-out process – and choosing a car loan should be much the same However, many people simply go with whatever finance deal they are offered at the showroom, even though there may be much better car loans on the market

If you have several debts you are looking to repay, a debt consolidation remortgage could be the answer It allows you to consolidate your debts as part of your mortgage terms – effectively adding your debts to your mortgage

When a homeowner faces the threat of repossession, finding a way to make those monthly mortgage payments jumps to the top of their priorities list Their first port of call should really be their mortgage lender, who may let them reduce or reschedule their payments until they can get their finances under control again

If you’re in a hole, stop digging – it’s true of most things, and it’s certainly true of debt So maybe The Times brought us good news when it announced that 58% of Britons were planning to cut back on their summer holidays, and 19% canceling their summer holiday plans altogether