Friday, June 25, 2010
Debt binge coming to an end?
Families are saving more money than they are borrowing for the first time in more than 20 years, a Bank of England report shows. Households last year put Â£24 billion into deposit accounts and took out Â£20 billion in new loans. It is the first time since 1988, when the current records began, that savings exceeded new borrowing. The statistics reflect a culture of austerity that has also dominated public finance policy.