Caution with Unsecured Debt

Many of us are now taking a belt and braces approach to our personal money but choosing to pay down and reduce our exposure to unsecured debts.

For the first time, we cleared off more unsecured debt during the 8th month this year than new loans drawn according to statistics from the Bank of England.

Overall net borrowing covering debt on credit cards, bank overdrafts and unsecured loans dropped by around one hindered and twenty million pounds, this being the most significant fall since some 10 months previous.

On the back of these statistics the banks deputy, Mr Bean, has indicated loosely that those with savings spend a portion of their capital to help drive the economic recovery.

It is also reported that the volume of new loans to fund home purchase also saw a marginal fall for the fourth month running.

---

Disclaimer: Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Loanz.co.uk are licenced credit brokers with licence number 584328 issued by the Office of Fair Trading. Loanz.co.uk is a trading style of CML Web Services Ltd. Registered in Scotland. No: SC291366

---