Repayments hit highest level on record, as spending fell during Covid pandemic
British households repaid the most money borrowed on credit cards and loans in 2020 since records began almost three decades ago, as consumers cut back spending during the coronavirus pandemic.
Figures from the Bank of England show £16.6bn of net repayments on credit cards, personal loans, student borrowing and car finance last year – the most repaid since 1993 and the first annual net reduction since 2011, when the UK was still recovering from the financial crisis. Consumers had racked up £13.2bn of extra debt in 2019.
