UK Money News
7th July 2008
Consumers turning to debt in face of higher outgoings
Britons turned to loans and credit card debt during the second quarter of the year, in a further sign of the pressure that is being put on household finances.
Figures from Unbiased.com show that Britons borrowed 69 pence for every pound saved during the period.
As a result savings levels were down by £11 billion, while borrowing levels rose to £22.4 billion.
David Elms, chief executive of Unbiased.co.uk, commented: "2008 has started turbulently for many with regards to their finances. Consumers are playing double jeopardy - not only increasing the amount they are borrowing, but also reducing the amount they are saving.
"The early months of the year have traditionally revealed British consumers at their most financially stretched - the worry is that this year the scenario is even more bleak than normal."
Mr Elms added that conditions are being made worse for Britons by higher repayments being demanded by lenders on loans and mortgages.
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