Britons pay off secured debt

According to the latest statistics from the Bank of England, homeowners cut the value of the debts secured against their property by more than £4bn in the final quarter of last year, The Times reports.

In total, homeowners reduced the level of debt secured against their property by £22.3bn in 2009.

The overall level of debt repayments reached its highest point in the final three-month period of 2008, when homeowners `injected` £7.11bn back into their properties.

Meanwhile, banks and building societies have also restricted the proportion of mortgage debt that can be secured against a property.

A spokesperson for debt management company Gregory Pennington commented: "It is encouraging to see homeowners paying down their mortgage debt, rather than taking more on.

"With the Bank of England`s base rate remaining at its all-time low of 0.5%, it`s a good opportunity for many homeowners to repay as much of their debt as possible - whether secured or unsecured."

---

Gregory Pennington offer debt advice and 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.