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Young brits must learn about budgeting a spokesperson for a national debt help line says.

Mr Boden-Wilkes commented: “There does need to be more education into how financial products work, so that young people understand if they’re taking out a personal loan of £5,000, what is the APR? And what does that actually mean?”

“It is important to learn how to budget and how to use credit responsibly. Financial literacy is a really big thing,” she continued.

According to figures complied by Credit Action, the overall amount of personal debt in the UK increases by close to £1 million every four minutes.

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Property is now on average, 5 times your income adding to the potential value of home equity loans.

London’s average is 5.08 times the average wage according to Hometrack.

Steve Wilcox of the University of York wrote the report and stated that homeowner’s had seen dramatic rises over the years.

The report showed house prices stopped risingin August, so now may be optimum times for a home equity loan.

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Next (the clothes store)’s, profits have seen pre-tax profits in the six months to July rise 11% to £198.2m, better than the £182m predicted by analysts. Revenues were also up 1.9pc to £1.5bn.

I’m quite fond of Next, although some of it  is very 30-year old man trying to look cool.

Next said that the rise in profits was due to cost cutting and improvement in its margins, and the lion’s share came from its directory business. Profits at the directory division - which takes in its catalogue and online businesses - jumped 24% to £73.8m. Its stores produced a less eye-catching rise of 1.2pc to £112.5m.

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