Unbiased.co.uk: Borrowing up, saving down as credit crunch hits

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Unbiased.co.uk: Borrowing up, saving down as credit crunch hits

Britons borrowed 69p for every pound they saved in the first three months of 2008, independent financial search site unbiased.co.uk has found.

While debt levels increased in the first quarter of the year by £22 billion, savings went down at £11 billion, according to the site.

The borrowing figure is £13 billion more than in the same period of 2007.

David Elms, chief executive of unbiased.co.uk said that over 10,000 mortgage deals have been withdrawn and personal loans are more expensive than last year.

He said there is less credit available "as the credit crunch bites".

Cumbria University lecturer Phillip Blond recently warned in the Independent of "very real financial disaster" facing many people, as well as more companies going into administration and receivership as debt increases.

He said indebted and credit-impaired Britons were "enslaved by unpayable debt" and called for "debt forgiveness and freezing of interest".

Blond also warned of deflation if the Bank of England focused on inflation and controlled prices by lessening demand.

He argued that low prices lead to lower profits, which cause negative growths and layoffs.

He advised concentrating on "help[ing] people pay their bills" now, and tackling domestic inflation later.
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