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Loan refunds: Consumers 'tightening their belts'

Consumers in the UK who are currently in the process of getting loan refunds may be among those who are having to cut back on spending.

Justin Modray, of, explained that a high proportion of people have borrowed too much in order to pay for their day-to-day lives.

He said: "The credit explosion over the last decade leaves little doubt that many people have overstretched their borrowing to fund their everyday lives.

"However, borrowing has slowed recently due to lenders becoming more discerning and consumers tightening their belts in the face of tax rises and spending cuts."

Mr Modray added that households with unsecured debts currently owe an average of £15,500.

His comments follow research by, which revealed a quarter of Brits use credit cards to tide them over until pay day.

It revealed that one in ten consumers use a credit card as a fallback just 15 days after being paid.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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