Brits pay back £377m in debt in December
New figures show that UK consumers made a net repayment of £377 million in unsecured loans
Britons cut their debt at the fastest rate in nearly 20 years during December, according to new research.
The Bank of England has published new figures which shows that UK consumers made a net repayment of £377 million in unsecured loans, the largest amount since records began in 1993.
Credit card borrowing remained stable for the third consecutive month, showing that Brits managed to keep on top of their finances throughout the festive season.
The overall decline in borrowing was attributed to Brits being reluctant to rack up more debts during the current economic climate.
IHS Global Insight's Howard Archer claimed that the positive figures could mean that spending will not fall by as much as previously forecast in 2012.
He said: "We expect consumer borrowing to remain limited over the coming months, although there is the possibility that there could be an increase in 'stressed borrowing', with more people having to borrow to help finance their spending."
Posted by Jack Ramsey
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