1 April 2009
New figures from the Bank of England have shown the biggest net repayment of consumer debts since records began in 1993.
Borrowers repaid £245m more credit than they took out in February - in stark contrast with the £165m net rise in borrowing in January.
Meanwhile, savings also rose significantly, with Building Societies reporting combined deposits of almost £1.6bn in February.
A debt expert for Think Money said: "The sharp increase in debt repayments, compared with borrowing, suggests that borrowers may be taking their debts more seriously and looking to get their finances in order.
"Of course, there are many people who are not in the right financial position to put more money towards their debts. We advise anyone struggling to meet their debt repayments to contact a debt adviser to discuss ways to make their debts more manageable."
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Tags: debt, debts, repayment, debt repayment, repay, finance, savings, debt advice
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