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Consumers repaid more debt in December
27 January 2009
New figures from the British Bankers’ Association (BBA) have shown that consumers repaid £0.4bn more unsecured debt than they borrowed in December.
In the previous month, by comparison, consumers had borrowed £0.2bn more than they repaid.
The net change for personal deposits in December stood at £4bn – down from £4.2bn in November, but still well above the average of the previous six months, which stood at £1.3bn.
A spokesperson for debt management company Gregory Pennington commented: “The figures may suggest a changing attitude amongst consumers towards repaying debts, as well as saving.
“Although there is a strong need for certain levels of lending in the economy, now is a good time to be repaying debts, from a consumer perspective. The less debt a person has, the more easily they should be able to cope with the effects of the recession.”
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