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Consumers tackle debt problems with gusto

Consumers tackle debt problems with gusto

- Wednesday, 30 September 2009

Britons paid down unsecured debt at the fastest rate since 1993 this August, according to figures from the Bank of England (BoE).

Following a prolonged period of highly accessible credit, the speed at which people are now repaying their loans could indicate a widespread desire to get out of the red, Reuters suggests.

People who would like to be free of debt but are unsure of how best to approach repayment could consider seeking financial help.

While consumers are repaying their debts, banks are reluctant to lend, with chief executive at Monument Securities Stephen Lewis voicing his surprise at the situation.

He told the news service: "It is a bit on the disappointing side because it's not really showing the kind of pick-up than many people have wanted to see given the fact we've got quantitative easing in place."

The BoE has also revealed that mortgage approvals for home buyers remained fairly consistent in August.
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