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Families swamped by a [euro]70bn tide of debt.
(From Irish Independent)
WE are more in debt than ever, according to figures from the Central Bankpublished yesterday.
It is estimated we now owe more than [euro]70bn in mortgage debt, car loans, personal loans and overdrafts as we move further into the red than ever before.
The Central Bank's figures show that [euro]56.4bn is currently outstanding in mortgage debt.However, the most recent figures show a further [euro]14bn is caught up in personal loans, car loans, overdrafts and credit cards. When the two sets of figures are added up, they show we are in debt to the tune of [euro]70.4bn.
Detailed figures provided by the Central Bank yesterday show that, at the end of February, private sector credit, which includes lending to individuals and companies, stood at [euro]164.7bn.
That is a rise of almost [euro]2.1bn on the previous month.
According to the Central Bank, the adjusted annual growth rate of private sector creditincreased to 19.3pc in February up from 18.8pc in January. This is the highest rate ofgrowth since April 2001.
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