Unsecured borrowing to consumers – via personal loans, overdrafts and credit cards – dropped 2.5pc over the year to September to £79.3bn in total, according to the latest monthly figures from the British Bankers’ Association (BBA).
A 7.7pc fall in bank loans and overdrafts drove the decline, the BBA said.
At £35.6bn, outstanding personal loans are now at almost half their peak seen in late 2007 and early 2008, it said.
The paying-down of this debt meant overall unsecured borrowing fell even as people flexed their plastic more, with lending on credit cards rising by 4.8pc over the year to £35.4bn.
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