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Could your flexible friend be an accident waiting to happen?

Even though we are seeing signs of a potential recovery in the UK economy it will be some time before this filters through to the bottom line and consumers start to feel the full benefit. As a consequence more and more people could potentially be caught up in the growing confidence being shown in the UK economy and over extend themselves in the short to medium term.

History has shown there is a significant time lag between the recovery of an economy and the bottom of the unemployment cycle. We may well see the green shoots of recovery literally months before we see a bottoming out of the unemployment trend, with some people still overextending their finances in the belief that the worst is over. Credit cards are an obvious early example of improving confidence although there's still a need to ensure you do not push your card to the limit and find that you're unable to cover your debts.

As we move through the darkest hour of the ongoing economic downturn in the UK many people will suggest they have learnt their lesson and will be more financially astute in the future, but will we really learn?

History has shown that both consumers and businesses have very short memories when a recession or economic downturn becomes something of the past. A return to old ways is sure to lead to more potential problems in the future although in many ways, even though Gordon Brown suggested otherwise, the boom and bust scenario will forever be with us.

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