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British households facing mounting debt crisis

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Bank of England figures show UK households repaid a record £7.4bn of debt on credit cards and personal loans in April while household bank deposits also rose £16.2bn, more than triple the usual monthly figure. However, research by the Resolution Foundation indicates only one in eight low-income households experienced budget gains during the crisis compared with two in five high-income families. The charity StepChange said that since the beginning of lockdown in late March, 4.2m people had borrowed to make ends meet with 2.7m people using payment holidays on mortgages and credit products.

 

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