Household debt in the Czech Republic fell month-on-month in January for the first time since September 2001, according to data just released. Last month Czechs owed CZK 1.164 trillion to banks and other financial institutions, twice the figure recorded 11 years ago. The Czech Republic is currently going through its longest recession on record and the decline in household debt suggests that Czechs are worried about spending, preferring to save than owe money.
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