Consumers paid down debt in March

Consumers repaid more unsecured debt than they took on in March, according to the latest figures from the British Bankers` Association (BBA).

Net consumer credit lending stood at -£0.1bn in March this year, compared with £0.0bn in February. However, it was still above the six-month average of -£0.2bn.

Meanwhile, net mortgage lending stood at £2.4bn, compared with £2.7bn the previous month and a £2.9bn six-month average.

An expert at debt management company Gregory Pennington said: "It`s good to see people prioritising repaying their debts. Although the recession has ended, it seems the lessons learnt are still fresh in many people`s minds.

"Net mortgage lending increased again in March, but this is actually quite positive given the problems with mortgage lending we`ve seen over the past couple of years."

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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.