Credit card repayments rise in November
02 January 2010 13:07:31
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| More credit card debt was paid off in November. |
New research by the British Bankers' Association (BBA) indicates that consumers paid off a combined £5.9bn in charges, which was £100m more than they borrowed.
In addition, the figures showed that an average of £6bn per month was made in repayments over the past six months, in comparison with £5.7bn in new spending.
BBA director of statistics David Dooks explained that the results appear to reflect an increasing desire to reduce debts in the current economic landscape.
"Household priorities are showing up in the November figures," he said.
"Demand for new personal loans was weak and people are paying off debt or building savings in response to economic circumstances."
The BBA study comes after the latest IMRG Capgemini e-Retail Sales Index suggested that Britons used their debit and credit cards to spend £5.3bn online during November, which was a 25% rise from the October figure.
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