Britons demonstrated their desire to avoid credit card charges, as record numbers paid off their debts in December 2011. New figures released by the Bank of England showed that consumers repaid a total of £377 million during the month. This was the biggest decline in lending seen since records were first started in 1993. Overdrafts and loans accounted for the biggest amount of refinancing, although a significant portion of the total was attributed to people clearing their credit card debts. Economic adviser to the Ernst & Young ITEM Club Nida Ali said the statistics were a clear indication that Britons were tightening their purse strings. "The fall in consumer credit reflects individuals' reluctance to take on more debt in a tough economic environment," the analyst commented.According to Alliance Trust Savings, Britons' financial wellbeing actually looked more positive in the fourth quarter of 2011. However, despite the fact the company's index increased when compared with the third quarter, bosses warned that household budgets would still be under pressure in 2012. Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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