Public pay record debts
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.