Latest figures show UK consumers repaid a record amount of debt during October 2009. Credit card, loan and overdraft debt fell by £579 million during that month.
HIS global Insight chief UK and European economist, Howard Archer said: “The record, and fourth, successive net repayment in consumer credit in October is clearly the consequence of many consumers’ desire to reduce their debt.”
Strong repayments on loans offset the rise in credit card lending, but consumers increased their credit card debt by £134 million, almost double the £78 million rise in September.
In order to treat customers fairly, Hal Austin told the Financial Times greater access to low interest credit card deals is needed.
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