Rush to pay off debts threatens UK's recovery - #economy


	Rush to pay off debts threatens UK's recovery - #economy

JICWyllie

9-2-2009 3:24 AM

60 views

tags:

1-spending, 1-thrift, 2-decrease, 3-reported, 4-uk

1 Comment |

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9-2-2009 7:01 AM

nojosm

Good for us !
We are paying off the debts.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/3cd3fe81-24f6-4a3c-a8e1-65cc74e3cbe9/6F54504E-857E-4BAC-A695-60161600C872/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.independent.co.uk/news/business/news/rush-to-pay-off-debts-threatens-uks-recovery-1780290.html" href="http://www.independent.co.uk/news/business/news/rush-to-pay-off-debts-threatens-uks-recovery-1780290.html" style="font-size: 11px;">www.independent.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.independent.co.uk/news/business/news/rush-to-pay-off-debts-threatens-uks-recovery-1780290.html"><div align="center"><img src="http://content6.clipmarks.com/blog_cache/www.independent.co.uk/img/386E6FDD-1E0C-4536-BED9-174AE15C8DBC" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.independent.co.uk/news/business/news/rush-to-pay-off-debts-threatens-uks-recovery-1780290.html">Having enjoyed the biggest borrowing binge in their history, British consumers are now starting to pay off their near £1.5 trillion of debt at the fastest rate in at least 15 years, </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.independent.co.uk/news/business/news/rush-to-pay-off-debts-threatens-uks-recovery-1780290.html"><P class="font-null">The data adds to fears that the fragile recovery in the economy, still not officially confirmed, could be damaged by a return to thrift by households. Figures from the manufacturing sector also suggested a setback in the pace of industrial revival.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.independent.co.uk/news/business/news/rush-to-pay-off-debts-threatens-uks-recovery-1780290.html"><P class="font-null">Anecdotal evidence suggests that consumers are using the reduction in their monthly mortgage bill to pay off their debt more quickly, rather than spending the windfall, as the Bank and the Government would wish.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.independent.co.uk/news/business/news/rush-to-pay-off-debts-threatens-uks-recovery-1780290.html"> total personal debt has fallen for the first time since records began in 1993. Personal borrowing – personal loans, credit cards and mortgages – fell by a net £635m in July, leaving the total owed by individuals at £1.457 trillion, roughly equivalent to one year's GDP. Consumer credit fell by £200m.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/6F54504E-857E-4BAC-A695-60161600C872/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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