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Thu 12 Dec 2009Consumers making determined efforts to pay down debt
IRISH PEOPLE are significantly reducing their personal debt by paying down items such as credit card bills, mortgages and other loans, according to the latest figures from the Central Bank.
For the first time in almost 20 years the annual growth rate in the value of outstanding mortgages has fallen. This is partly due to the introduction of stricter lending criteria being applied by banks. It means that people who wish to buy a home are finding it more difficult to get mortgage approval.
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