Consumer borrowing soared by £22.4bn in the first quarter of 2008, up £13bn on the same period in 2007, according to Research commissioned by Unbiased.co.uk.
The Savings Break research, which compares borrowing levels (excluding mortgage debt) with saving statistics, shows that for every pound UK consumers saved during the first three months of 2008, they borrowed 69 pence. This is an increase of 29 pence borrowed against every pound during the first quarter of 2007. The findings also highlighted that, in addition to rocketing borrowing levels, consumers reduced savings - the amount kept in reserve dipped by £11bn to £32.7bn in quarter one of 2008. David Elms, chief executive of Unbiased.co.uk, commented: "2008 has started turbulently for ...
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