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Consumers repaying debt despite rise in credit card spending
According to the Bank of England, outstanding credit card, loan and overdraft debt fell by £579 million during the month.
This represented the biggest contraction in unsecured lending since records began in their present format in 1993.
Strong repayments on loans and overdrafts – where borrowing fell by £713 million - offset a rise in credit card lending during October.
Consumers increased the amount they owe on plastic by £134 million, almost double the £78 million rise recorded during September.
IHS 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."
Last week, Hal Austin told the Financial Times that greater access to low interest credit card deals is needed in order to treat customers fairly.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-12-01 13:53:59 © Moneyextra.com
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