Brits repay twice as much debt as predicted in October

According to data from the Bank of England, British consumers cleared the highest amount of unsecured debt on record in October, reducing their debt by twice the expected rate, forbes.com reports.

In October, net consumer credit fell for the fourth month in a row - falling £579m after a £299m decline in September. The fall, which was the biggest since records began in April 1993, was much higher than the £200m fall that analysts had expected.

After around `a decade of easy credit and rising personal debt levels`, British consumers are `paying the price of their borrowing binge`, the Telegraph states.

A spokesperson for debt management company Gregory Pennington commented: "It is encouraging to see consumers taking action and clearing their debts.

"As the festive period approaches, we would advise anyone who is struggling to do this to contact a professional debt adviser without delay."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.