Britons are shunning unsecured credit and continuing to focus on repaying their debts, according to new figures from the British Bankers’ Association (BBA).
The BBA data shows that demand for unsecured credit has declined by 2 per cent over the last 12 months, while personal deposits have increased.
Net personal loan and overdraft lending by the UK’s main banks fell by £323m in January, although credit card lending rose by £106m.
Overall, unsecured borrowing remained subdued during the month, with Britons repaying £217m more than they borrowed – the 18th month in a row in which repayments have exceeded credit lending levels.
David Dooks, the BBA’s statistics director, said there has been "little change in the borrowing environment" so far this year, with both consumers and businesses putting more emphasis "on repayment rather than new borrowing".
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