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Britons’ savings rate drops to lowest level since 1960
- Britons are saving the smallest fraction of their income than
at any time since 1960
- when adjusted for gains in pension funds, savings ratio was
actually negative
- Despite the sharp squeeze on spending power, Britons carried
on shopping, with consumer spending climbing by 0.5 per cent
- However, borrowers paid back £238 million on credit cards last
month
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PricewaterhouseCoopers claims that Britons now
spend almost one fifth (19%) of our disposable income paying
off debts. This is even higher than at the start of the last
housing crash in 1989.
When the economy is in
recession it is quite difficult to get a loan even with a good
idea. When the economy is booming its is easy to get a loan,
even with a bad idea. It's never been easier to borrow money!
Funny how banks never learn this lesson (June 2007)
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