Skip to content

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

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Syscap Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority. Wesleyan Bank Ltd subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2016 Wesleyan Assurance Society