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Consumers spend less to clear debts

Households are tightening their belts as the economy continues to falter, the latest figures from the British Bankers' Association (BBA) show .

Consumers now appear to be more aware of saving money and lowering their debts, as they paid more off their credit cards and personal loans than they borrowed last month.

The BBA reported a net repayment of £100 million in unsecured consumer credit lending in August, compared to borrowing of £100 million in July.

The figures, the BBA said, were driven by a net repayment of loans and overdrafts, while credit card spending was flat.

Elsewhere, the BBA reported a net repayment of £700 million on mortgage lending in August, compared to a net repayment of £900 million in July.

The number of mortgage approvals increased to 78,288 from 75,314.

Copyright © Press Association 2011

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