Personal debt levels fall in December
Study shows that personal debt levels fell to £1.451 trillion in December 2011
Total personal debt levels fell in December as Brits began to reign in their borrowing in the run-up to Christmas, according to new research.
Money education charity Credit Action has published new figures which shows that personal debt levels fell to £1.451 trillion in December 2011 from £1.454 trillion in the same month during the previous year.
The average UK household debt, excluding mortgages, dropped to £7,948, compared to £7,972 in November 2011.
Michelle Highman, chief executive of Credit Action, claimed that the figures reflected a national trend among consumers to cut down on their spending levels due to the current uncertain economic climate.
She said: "Put in context these are striking figures with the decrease in average household debt not necessarily a cause for celebration.
"I suspect these figures in fact represent an increased level of caution and concern in your average household, which impacted confidence in putting Christmas on credit last year."
Posted by Jack Ramsey
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