April`s consumer debt figures

According to official figures from the Bank of England (BoE), net consumer credit dropped in April, as borrowers repaid more debt than they took on, headlinemoney.co.uk reports.

For the first time since November, repayments outstripped new borrowing, with consumers repaying £0.1bn more consumer credit than they borrowed.

The figures revealed that net secured lending increased by £0.5bn, meaning that total net lending to individuals rose by £0.4bn.

A debt management expert at Gregory Pennington commented: "It`s encouraging to see that debt repayments have outstripped new lending as consumers appear determined to pay down their unsecured debts.

"We hope this trend will continue, but advise anyone who is struggling to repay their debts to seek professional debt advice without delay."

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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.