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Debt Levels Increase As Credit Crunch Takes Hold

New figures from Unbiased.co.uk, show that with the credit crunch in full swing, consumer borrowing has shot up to £5.9 billion in the second quarter of 2008. This marks a whopping £757 million increase compared to the same period in 2007.

At the same time, consumers' savings levels have dropped by £4 billion compared to 2007. The amount we added to our ‘rainy day' funds has dipped to £38.5 billion in quarter two 2008 from £42.9 in quarter two in 2007.
 
Unbiased.co.uk's Savings Brake research, which reveals the ratio of how much we are borrowing, not including mortgage debt, cpntrasted with how much we are saving, shows that for every pound UK consumers saved during quarter two 2008, they borrowed 15 pence. This has increased from 12 pence borrowed against every pound during the second quarter of 2007.

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Date: 9th, October, 2008

Author: Ben Wilkie

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