UK consumers pay off record £7.4bn in credit card and loan debt during lockdown

UK households paid off their credit cards and loans at a record rate in April as people stayed home and shops remained closed through the lockdown. Consumers collectively reduced their credit card debt by £5bn, more than double the previous record net repayment of £2.4bn set a month earlier. Outstanding balances on loans fell by a further £2.4bn, taking total consumer credit lending to £64bn, the Bank of England said. The fall in net borrowing was primarily driven by consumers taking out less new credit than in previous months.

Source: The Independent
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