Record fall in consumer borrowing

01/12/2009

The latest stats show that consumers are borrowing the least amount of money since records began back in 1993, says the Bank of England.

We know you've had little return from your savings and these figures show people are paying off loans rather than saving during a time of low interest rates.

Unsecured loans fell by £713m in October compared with September.

The number of mortgages approved for house purchases rose for the 11th month in a row in October, however homeowners remortgaging remains muted.

Borrowing on credit cards did rise by £134m in October compared with September, but was more than offset by the record fall of £713m in other forms of consumer credit such as bank loans, loans for cars, and hire purchase agreements.

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