Personal loan balances down 11%

The public has started to reduce its personal debt pile- with personal loan balances having been reduced some 11% since February 08.

In addition – and following previous blogs re the Banks liquidity positions deposits only grew £326m in the first 5 months of this year compared to a growth of £15bn in the first 5 months of 2008; much lower credit interest rates plays a part ( and notwithstanding the Government guarantee now for deposits) links with pervious blogs- that we are pulling credit balances out to live on and perhaps reduce debt.

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Published:: June 29, 2009 / 4:51 pm

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Personal loan balances down 11%

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