Secured loan strugglers receive boost
07/08/2008A banking executive may put at ease the minds of those struggling with a secured loan by claiming that home repossession is "absolutely the last resort".
Chief executive of the British Bankers' Association Angela Knight stated that the credit crunch is causing people to stay indoors this summer as money becomes tight.
She added that while people may continue to find it difficult to manage their money in the future, money institutions will not turn their backs on them.
The official remarked: "The problem won't go away on its own but banks are well-placed to help customers plan their finances to keep the whole show on the road."
Last month, Ms Knight commented that figures from July show that while people are looking to save more money, high fuel and food costs and a small increase in credit card borrowing mean that it is becoming difficult.
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