Borrowers 'paying off unsecured debt'

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Borrowers 'paying off unsecured debt'

Thu 3rd Dec 2009

Borrowers are taking steps to pay off their unsecured debt at the moment, one industry analyst has noted.

According to Pierre Williams, head of research at MoneyExpert.com, people are "busily" paying off their overdrafts and loans.

He noted that this shows that people are paying attention to the message that they need to live within their means, especially in the uncertain economic climate that is currently in place in the UK.

Mr Williams said that the fact that people are taking these steps is pleasing.

"It's encouraging that people are making the most of this situation as low interest rates won't be with us forever and, when they do rise, those people who have failed to pay off debt could find themselves in hot water," he concluded.

Mr Williams made his remarks after the Bank of England published figures which indicated that unsecured loans fell by £713 million in October.

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