UK's Unsecured Debt Being Repaid

The Bank of England has said UK consumers repaid more unsecured debt than they took out in new loans during the month of August.

Since November 2009, net consumer credit, including overdrafts, personal loans and credit card borrowing, fell substantially by £120m.

The figures were released shortly after Charlie Bean, the Bank's Deputy Governor, suggested savers spend a portion of their savings to help boost the economy.

The Bank's figures show that 47,372 home loans were approved in August, 974 fewer than in the previous months.

Mortgage approvals for house purchases also dipped slightly.


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