Wednesday, Dec 23, 2009

This wasn't in the script

BBC: Consumers look to pay off debts

High Street banks have provided more evidence of consumers concentrating on savings and paying off debts in the downturn. Figures from the British Bankers' Association (BBA) showed that total consumer credit has contracted by 2.2% over the last year. But the number of mortgage approvals for house purchases has reached the same level as two years ago. There were 44,713 mortgages approved, up 2,161 on the previous month.

Posted by jack c @ 11:21 AM (1086 views)
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1. mark wadsworth said...

The first step to getting out of a credit bubble is deleveraging, consolidating, debt-for-equity swaps, realising paper losses and generally re-setting the clock. What's so terrible about that?

Wednesday, December 23, 2009 11:59AM Report Comment

2. crunchy said...

1. mark wadsworth

Nothing really, but if things start to get really tough, some may regret the lack of liquid funds that they would have otherwise had if they previously deferred on the debt repayment in favour of saving it.

Wednesday, December 23, 2009 03:56PM Report Comment

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