Household debt repayments rise to record level during Covid-19

Households repaid a record £7.4bn in consumer debt in April as they cut their spending and borrowing during Covid-19. This is double that of March which held the previous record.

Bank of England money and credit statistics have shown that new gross borrowing fell to £11.8bn in April, roughly half its February level while repayments on consumer borrowing dropped by 19 per cent since February, reflecting payment holidays. The majority (£5.bn) of net consumer credit repayments were on credit cards.

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