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Debt crunch hits the UK too

UK consumers are even more indebted than those in the US according to this New York Times report. The story in the UK: In the past there has been plenty of debt available, rising house prices and an obsession with home ownership. Economic prosperity has meant caution has been thrown to the wind – spend now! Now growth is slowing, property prices are falling sharply and debt is scarce and increasingly expensive.

Sounds very much like the current situation in Australia – the only thing we lack as yet is the serious decline in house prices – we are certainly experiencing the same credit crunch.

2 comments to Debt crunch hits the UK too

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