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Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive` School focuses on "curing Ireland`s debt disease"

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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Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in