MARKETS SPECTATOR: Thorny credit crunch

John Hughes says Thorn Group is now targeting the middle class as the credit appetite of lower income consumers wanes.

John Hughes, the chief executive of lender, loaner and leaser Thorn Group, is 61 years of age. He says he has never seen economic conditions in Australia this bad for many consumers because of rising living expenses for such things such as power, and petrol.

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