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Brits urged to get ready for slump

Britons should use high profile news reports of stricken banks as inspiration to get their own finances in order, a credit report company has advised. Yesterday reports surfaced that US investment bank Bear Stearns is to be taken over by JP Morgan after suffering huge losses from exposure to the US sub-prime mortgage crisis. The news followed the government-backed rescue of Northern Rock, which showed how far the crisis had spread to UK lenders. Melanie Mitchley, director at Callcredit, said that consumers should treat these stories as a warning that the UK economy is set to face testing times and should take appropriate action to ensure they are prepared. She said: "This latest development is an opportunity to encourage all consumers who both save and borrow to assess their current financial health, and crucially, not take on additional credit they can't afford."Taking a few simple steps such as reviewing a copy of their credit report will allow consumers to take control of their own financial futures."

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