The total amount of personal debt in the UK has fallen for the first time since the Bank of England began keeping records in 1993.
Borrowing by consumers fell by 600m in July, bringing down the total owed to 1.457 trillion.
The figures are likely to be due to a combination of lenders` reduced ability to offer loans and consumers` reduced willingness to take on debt in a difficult economic climate.
A spokesperson for company Gregory Pennington said: “The figures may suggest that many people are focusing on reducing their debt levels, but there are still a large number of people with a lot of debt to their name, and many of these borrowers are experiencing difficulty repaying their debts.
“It`s important that anyone having trouble with their debts takes action as soon as possible and seeks advice from a professional debt adviser.”
Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.
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Tags: Fall, Personal Debt
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