Consumers 'are striving to pay off their debts' says Equifax

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Consumers 'are striving to pay off their debts' says Equifax

British consumers are working harder than ever to pay off their debts, Equifax has claimed.

These comments come in response to the latest statistics from APACS, the UK payment's association, which showed that gross credit card lending stood at £30.3 billion in the first quarter of 2009 and repayments stood at £29.6 billion.

External affairs director at Equifax Neil Munroe stated that Brits are spending money which they know is theirs rather than lending then paying it back at a much later date.

The recession may also play a part, he added, as "maybe there is an expectation that their job may not be as secure as it was and therefore people don't want to be caught out with no job and [high] borrowing still".

Mr Munroe's claims are supported by figures from the Bank of England this month, which show that lending has slowed by 2.2 per cent in the last 12 months, leaving total UK personal debt standing at £1,495 billion.

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