The growth in credit and fall in savings contain alarming echoes of the financial crisis. But at least regulators are no longer asleep at the wheelCould it be 2005 and 2006 all over again? Industry figures final week showed that UK credit-card debt has soared while the savings rate has plunged to an all-time low. Meanwhile,across the Atlantic, data shows that late final year car loans were being taken out at a faster rate than any time in US history.
Almost everyone in America leases a car or buys it using cheap credit. apart from that they don’t take the opportunity to lower their outgoings and lop their monthly loan bills. Instead, or they take the cheap credit and buy a bigger car. A much bigger car.
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Source: theguardian.com