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The rocketing popularity of IVAs caused internet bank Egg a full-year loss,
according to parent company Prudential.
Announcing its nine-month new business figures, Prudential said that it expected
Egg’s second-half loss to be about £39 million, the same size of its first-half
dip into the red.
The use of debt management companies by its customers rose by 40% in the same
period, the company said.
Mark Tucker, chief executive of Prudential, commented: “UK credit card holders
are reining in their spending and concentrating on repayments.
"In August, card users repaid more than they borrowed for the first time since
May 1994.”
Source:
Getting Paid
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