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Government warns about rising credit card debt Debt - the 12-month view Amount of `bad debt` written off reaches 16-year high Deeper into debt: middle-class poverty Debt taken on by individuals increased in January Debt Relief Order (DRO) rules may be changed Overdrafts: five million Britons `permanently` in debt Mortgage lending drops to decade low The cost of debt falls Two thirds hope to have cleared mortgage debt by 50 40% of people approaching retirement `saddled with debt` Repossession `may be best` for homeowners struggling with debt Bankruptcies in Scotland - the worst may be yet to come Good news for people with energy debts US: new law provides debt-free date More debt taken on than repaid in December Savings rise as consumers pay down debt Household debt `could trigger another downturn` More families could fall into debt with energy companies Recession ends

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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Government warns about rising credit card debt 05/03/2010 - The latest figures from the Bank of England (BoE) have Debt - the 12-month view 04/03/2010 - In January, UK citizens - between them - borrowed £500 Amount of `bad debt` written off reaches 16-year high 03/03/2010 - The latest figures from the Bank of England (BoE) suggest Deeper into debt: middle-class poverty 02/03/2010 - The recession has also affected a lot of people with