Debts 'down slightly in February'

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Debts 'down slightly in February'

Borrowers in the UK have seen their debts diminish slightly over the last month, new statistics have shown.

According to the latest figures released by Credit Action, the average household debt including mortgages now stands at £55,823, with the data showing there is an acceleration in the reduction being witnessed as more Brits get a grip on their finances.

Furthermore, the daily amount of interest paid on personal debt also decreased during the month to £171 million.

"I suspect that these figures in fact represent an increased level of caution and concern in your average household, which impacted confidence in putting Christmas on credit last year," commented Michelle Highman, chief executive officer of Credit Action.

Research carried out by Skipton Building Society revealed UK households spent on average a total of £17,000 on credit card borrowing in 2011.

As a result, the organisation dubbed 2011 is Year of the Credit Card.

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