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When it comes to the credit crunch, it seems that no one really knows who is to blame.

A recent study by financial group Fool.co.uk revealed that consumers blame society for the crisis as much as they blame the government and financial institutions.

It emerged that two in seven people think the banks are responsible for the crisis, while 22 per cent of people blame the government and almost one-quarter of people consider themselves responsible for the credit crunch.

Despite the fact that financial institutions have reportedly curbed lending, ten per cent of people claim they have been loaned money even though they have a questionable credit history.

Commenting on the findings, David Kuo, head of personal finance at Fool.co.uk, said: "Both the banks and the government have to take equal responsibility for the credit crunch - banks for peddling unaffordable loans and the government for lulling people into believing that there would be no return to boom and bust."

Meanwhile, the Consumer Credit Counselling Service is urging people protect themselves against the crunch by drawing up a detailed budget and cutting expenditure where possible.

Anyone who does need to take out a loans should consider using a price comparison site to ensure they get the best possible deal.

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