Rate cuts created "debt-fuelled spending" - papers 25th July

A MASSIVE surge in high street sales - the largest for 18 months - is causing concern across the financial services industry that the interest rate cuts people have enjoyed may now be creating a "debt-fuelled spending spree", says the Times. Latest retail sales figures indicate the market grew five times faster than expected last month, as fresh evidence emerged of the rising burden of personal debt as consumers continue to borrow and spend undaunted. Figures obtained by the Liberal Democrats appear to suggst the average debts of British households have grown by more than 50% unde...