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Shoppers face Christmas credit
squeeze as average Briton is now £33,000 in debt
SEAN POULTER
UK
Daily Mail
Monday November 26, 2007
Shoppers will find it harder to borrow money to pay
for Christmas as a direct result of the global credit crunch,
it has been claimed.
Acountants PricewaterhouseCoopers say banks will turn down an
increasing number of applications for loans, credit cards and
overdrafts.
The organisation warns that there will be a spike in the number
of people going bust in the New Year as a direct result of the
credit squeeze.
The firm said average household debt, including mortgages, has
almost doubled in just the past seven years from an average of
£17,000 per adult to £33,000.
(Article continues below)
It says the situation will be exacerbated by the fact that 1.4
million people will come off cheap fixed rate mortgages in the
next 12 months.
This will add an average of £140 a month to mortgage bills
for those who fail to find a new cheaper mortgage deal.
Some could see their monthy payments rise 60 per cent.
Banks have redrawn their lending rules over the last two months
in a move that will make it much more difficult for those carrying
heavy debts to borrow any more.
Full
article here.
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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