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LATEST NEWS & EVENTS UK consumers 'spending less credit'  News that UK consumers used eight per cent less credit in the 12 months to May 2010 may chime with those going through personal insolvency procedures. According to the Financial & Leasing Association (FLA), many purchasers may be waiting to see how the economic situation pans out before making buying commitments. In addition, take-up of short-term credit arrangements - including credit cards - has dropped by seven per cent in the year prior to May when compared with the previous 12 months. The findings also reveal that large financial obligations - such as second charge mortgages and unsecured loans - were down by respective falls of 67 per cent and 45 per cent. Fiona Hoyle, FLA head of consumer finance, said: "In uncertain economic times, consumers want to take even more control over their financial commitments. This is reflected in a more cautious approach to consumer credit spending." A recent consumer confidence survey by Nielsen and the British Retail Consortium showed the first decrease since April 2009. Posted by James Walsh 
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