Britons use lockdown to pay off billions in debt – did you?

Britons use lockdown to pay off billions in debt – did you?

Figures from the Bank of England revealed a record amount of debt from credit cards and personal loans was repaid in April – soaring to a staggering £7.4billion.

This is the largest net repayment since records from the central bank first began in 1993.

Collectively, credit card debt was reduced by £5billion, a figure which is more than double the previous record net repayment set only a month earlier at £2.4billion.

However, while the outstanding balances on loans also fell by a further £2.4billion, UK consumers still have a significant amount of debt.

Published at Wed, 03 Jun 2020 15:26:00 +0000