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What have consumers learned about the recession?

It depends upon which newspaper or media channel you subscribe to as to whether you actually believe the UK economy has turned or is still in recession. However, over the last 18 months or so there have been many lessons learned by consumers but will we really make use of them in the future?

Despite the fact that the UK banks have come in for the most severe criticism from consumers, governments and regulators there is no doubt that many consumers in the UK have over extend themselves and are looking over the financial abyss. We can blame the banks until we are blue in the face but ultimately nobody makes consumers sign loan agreements, mortgage arrangements or take on credit cards.

There are many parties in the UK that need to stand up and take their part of the blame for the ongoing recession and economic difficulties. Whether we will actually learn from this is a very different question and one which ultimately will not be answered for some years to come. Unfortunately, history shows that consumers, banks and governments have very short memories and despite the enormous difficulties of the last 18 months (which are ongoing for many people) maybe we just never learn?

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