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Spending culture could lead to "major problems"

12 December 2007

Consumers are finding it hard to put away money each month to save for luxuries or as part of a debt management scheme, a financial expert has claimed.

The UK debt "crisis" is showing no signs of stopping as consumers are always finding ways of spending rather than leaving the money in the bank, Baronworth Investment Services suggested.

As a result, "major problems" may occur over the next few months and years if the current attitude to saving does not change, Colin Jackson, director of Baronworth, said.

Mr Jackson added: "The way things are currently and they have been for some while, people are finding it very tough to put money aside each month for long-term or even short-term savings."

According to Credit Action, the total UK personal debt at the end of October stood at £1,391 billion.


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