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Unsecured debt rises as savings fall
Tuesday 8th July 2008British consumers are playing a dangerous game by taking on more unsecured debt and reducing their savings, according to new research.
The public seems unable to put the high-spending habits of years of cheap credit behind them, in spite of the current credit crunch, new figures from financial advice service Unbiased.co.uk warn.
Unsecured borrowing between January and March 2008 reached nearly £23 billion, compared to just £9.6 billion in the same period last year.
At the same time, savings levels have fallen from £33.2 billion to £32.7 billion over the course of the year.
David Elms, chief executive of unbiased.co.uk, warned: "Consumers are playing double jeopardy - not only increasing the amount they are borrowing, but also reducing the amount they are saving."
He went on: "Over 10,000 mortgage deals have been withdrawn and personal loans are more expensive than last year, making it harder for people to find affordable credit."
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