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Banks told to find £10bn to prepare for spiralling consumer debt

Britain’s banks could lose £30 billion on credit card, car finance and personal loans if there were a recession, the Bank of England said in its strongest warning yet about spiralling consumer debt..

January 30, 2008 at 3:13 PM OuttaControl said. Webjazz said "While I have no idea how we can avoid a major breakdown of the economy and financial system, yet it seems that every time the precipice is approached, the Fed or a common wealth fund, or a white night investor or a buyout comes to the rescue and saves the day".

The bank dragged things out so long that, by the time we formally complained and then appealed to the Financial Ombudsman Service, I was told I was out of time. CM, Inkerman, County Durham The bank, if it rejected your complaint, should have sent you a final letter stating that you had six months from its receipt to complain to the Financial.

Banks told to increase consumer credit safety buffers by 10bn. In an assessment of risks in the credit markets, the central bank’s Financial policy committee stressed that consumer debt was a "pocket of risk" in an otherwise stable environment, but decided to force some banks to be more prudent.

Consumer credit grew at a rate of 9.8 per cent in the year to July, reflecting booming car loans and credit card lending. The Bank of England has warned that UK lenders are underestimating their potential losses on credit card and other unsecured loans to customers, and is compelling them to hold an extra 10bn of capital to protect their balance.

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A consumer debt crisis could cost banks 30bn, Bank of England warns Banks should expect to write off 20% of their loans if interest rates and unemployment rise sharply, warns the Bank of England.

Global debt is spiralling out of control and the next financial crisis. The billions of taxpayer dollars that had been spent on bailing out the banks, combined with huge amounts of quantitative.

Consumers who use mobile phone apps to buy goods now and pay later could find themselves. said a consumer with spiralling debt levels from a platform like Afterpay risked being denied a home.

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