Fear factor on borrowing hits consumers

CONSUMERS are continuing to borrow less and are increasingly struggling to meet mortgage repayments, figures reveal.

According to Davy Research there has been a €15 billion fall in the level of money borrowed since it peaked at €174bn in early 2009.

This sharp fall reflects mounting pressure on households to meet existing debt obligations and serious concerns that the bailout of the economy and the upcoming budget will reduce incomes further.