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Families pay off record levels of debt rather than save as repayments outstrip borrowing

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Millions have decided to pay off debts rather than save for the future, figures released yesterday reveal. In October the amount of money paid off overdrafts and loans was £713million, the highest since records began in 1993. Economists say many are battling to improve their personal finances because low interest rates and the ongoing recession do not encourage saving. Figures from the Bank of England show net lending on consumer credit fell by £579million despite credit card lending actually increasing by £134million.

 

Howard Archer, chief UK economist at the consultancy Global Insight, said: 'There is an urgent need for many consumers to improve their balance sheets.' Meanwhile separate figures from the Building Societies Association show that the amount in savings accounts dropped by nearly £930million in October. Director general Adrian Coles said: 'There is little incentive to increase savings while the bank rate remains at its current low level. Many people may opt to repay debt instead.' More than half of savings accounts pay just 0.5 per cent or less in interest and with inflation at 1.5 per cent, millions are effectively losing money.

 

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Families pay off record levels of debt as repayments outstrip borrowing | Mail Online


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