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Recession 'virgins' unprepared for downturn

Many young Britons hooked on cheap credit and will struggle if the economy goes into recession, warned yesterday.For its Recession Veterans vs Recession Virgins survey, two groups were questioned by the financial website.One one hand, older people who had previously faced recessions, on the other, younger spenders who have only known economic growth.Generally, when an economy slows, cheap credit dries up, making it much harder to live in debt.However, one third of 'virgins' said that they "could not live" in the black on their current income and expenditure levels.What's more, a similar number said that they were unaware of any economic slowdown in the UK.By contrast, 41 per cent of veterans said that they were experiencing a negative effect on their personal finances in recent months.Commenting, David Kuo at said: "In an economic downturn there will be opportunities and threats, and we can take steps to maximise the first and minimise the second."Simple measures such as reining in spending will ensure that we have a pot of spare money tucked away to see us through a slump."

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