Belfast Telegraph

Public pay record debts

By Nicky Burridge

Savings levels suffered during 2010 as consumers focused on repaying record amounts of debt, research has shown. Britons collectively paid off debts totalling £12.08 billion during the year.

People repaid a total of £2.21bn more of non-mortgage debt than they borrowed during the final three months of the year, the seventh consecutive month repayments outstripped new lending. The contraction was likely to be due to a combination of people wanting to reduce their borrowings in the face of economic uncertainty.