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Bachelors `forced to spend more` Finances `causing women sleepless nights` Christmas spending slowdown expected Christmas spending ‘will fall’ Credit cards: UK interest rates almost double US rates Recession ‘to last well into 2009’ Unemployment `on the up` AA urges public wholesale petrol prices Consumers ‘could expect to see full benefits’ of rate cuts Banks ‘increasing overdraft charges’ People in debt `should be helped to help themselves` Consumers `likely to be under pressure at Christmas` Britain "addicted to debt", politician states Consumers ‘repaying debt from last Christmas’ Brown: Banks must make loans available Workers `missing out on pension money` Christmas savings schemes `good way to stay debt free` `Many parents worry about children getting into debt` Falling inflation means interest rates could fall Petrol prices ‘could fall below 90p’

Banks should save ‘in times of boom’

29/09/2008

Economic crises could be avoided if banks put money aside for a rainy day, said Sir John Gieve, Bank of England deputy governor.

“We need to create reserves based on macroeconomic factors, which can be drawn down as the cycle turns down and have to be replenished on the upswing when profits are high,” he said.

A practice such as this, the Guardian reports, could ‘prevent banking crises like the current one pulling down whole economies in their wake’.

Today’s economic troubles are pushing many into debt, and preventing many others from accessing the debt consolidation loans which could help them manage their debt and regain control of their finances.

But greater reserves could dramatically reduce the impact of any credit crunch by making banks less reluctant to grant debt consolidation loans, mortgages and other forms of credit.

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Bachelors `forced to spend more` 17/11/2008 - People who live by themselves find it more difficult to Bankruptcy `increases by 7%` 17/11/2008 - The number of consumers in England and Wales facing bankruptcy Finances `causing women sleepless nights` 14/11/2008 - Financial concerns, potentially including debt problems, are causing women sleepless Christmas spending slowdown expected 13/11/2008 - Christmas spending is expected to stagnate this year, as consumers