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The Bank of England reports that consumers paid back some £635 million more than they borrowed in July of 2009. That is the first time that has happened since 1993 when the bank began collecting the figures in their current format. The overall consumer debt in the UK now stands at £1.46 trillion.
While some analysts welcome the latest figures, noting that many consumers have been spending beyond their means for years, economists are warning that this could lead to a worsening economic situation. If consumers slow spending and borrowing, that means less money for businesses as well as the Treasury.
A large part of the recent move towards paying down debt vs. borrowing is a result of the tighter lending by banks and building societies. The British Bankers’ Association recently indicated that net lending fell in the month of July to the lowest level since October, 2000. Even though housing sales and prices have started to pick up in recent months, there are still many less lenders making money available to borrow.
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