Brits reverse borrowing trend in "year of two halves"
www.moneynews.co.uk > Loans > Brits reverse borrowing trend in "year of two halves"
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Money News |
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Brits reverse borrowing trend in "year of two halves"
Fri 17th Apr 2009
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The website conducted research which revealed that at the start of last year the UK public was borrowing 66 pence for every pound that it saved.
However, by the end of the year this trend had been reversed, with Brits repaying £1.76-worth of debt for every pound they borrowed in the fourth quarter of 2008.
David Elms, chief executive of Unbiased.co.uk, said: "This shift itself is no surprise, but its severity confirms the historic impact of the credit crunch on consumer behaviour and evidence suggests this repayment trend is continuing at pace."
In the eight years Unbiased.co.uk has been conducting this research, 2008 is the first in which Brits paid off more debt than they borrowed.
Unbiased.co.uk is owned and managed by IFA Promotion.
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