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"But that's less clear elsewhere, for example at consumer credit companies like Orico".
Hurlston recalls: "It was felt that they [lenders] weren't doing enough, and a friend said to me in 1991: 'Go to the US and look at consumer credit counselling.' It had been started there to help servicemen returning after the second world war who had financial problems, but it hadn't really taken off until the 1970s".
While it's commonplace to look at consumer credit issues from the demand side, he sees it from the supply side.
"The government needs to look at consumer credit and get really serious about making it more effective.
"The way I look at consumer credit, labor data is the best proxy for whether or not consumers can pay bills".
We look at consumer credit availability and tightening on the bank side, and our economist doesn't see anything changing there, so that bodes well for consumer spending.
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The Department for Business, Innovation and Skills and the Treasury announced measures this week aimed at improving consumer credit.
Howard Archer, chief UK economist at IHS Global Insight, said consumer credit had increased but "not raced ahead".
With unemployment at 10% and consumer credit levels coming down, all eyes were focused on the consumer, who, as my fellow columnist Gary Shilling predicted, has suddenly become thrifty.
This year it's just 60percentt," said Matt Schulz, a senior industry analyst at CreditCards.com, a consumer credit card marketplace.
Rebecca Harding, chief economist at the BBA, said: "Consumer credit is now growing at its fastest rate since November 2006, reflecting strong retail sales growth.
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