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Debt management reflected in household mortgage repayments

Debt management reflected in household mortgage repayments

- Wednesday, 30 December 2009

Debt management seems to be at the top of consumer’s minds, with latest figures showing that homeowners continue to rein in mortgage debt.

UK households reduced their outstanding mortgage debt by £4.9 billion in the third quarter, according to figures from the Bank of England.

It is the sixth successive quarter in which homeowners have repaid more of their mortgage than they borrowed, as people continue to focus on minimising their debts.

Chief UK and European economist with HIS Global Insight Howard Archer said low interest rates on savings have contributed to the trend.

"Housing equity withdrawal has been used significantly to support consumer spending in recent years," said Mr Archer.

"Consequently, the sharp turn-around from substantial withdrawals up to and including the first quarter of 2008 to a net injection of equity over the past six quarters has added to the constraints on consumer spending."

According to recent research from the British Bankers Association, demand for new personal loans was weak and total consumer credit had contracted by 2.2 per cent over the last year. ADNFCR-2300-ID-19533919-ADNFCR
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