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Loan charges: £7bn in mortgage debt repaid in Q4 2010

Fewer people may have experienced loan charges in the final quarter of 2010 and new figures show that a record £7 billion was paid down in mortgage debt.

The Bank of England has revealed that this was the 11th consecutive quarter where the amount of money people unlocked from their homes was negative, reports thisismoney.co.uk.

Howard Archer, chief UK and European economist at IHS Global Insight, told the news provider: "Extremely low savings rates have made it much more attractive for many people to use any spare funds that they have to reduce their mortgages."

He added that there seems to be a strong desire for people to improve their personal balance sheets "given high debt levels and serious concerns and uncertainties over the economic situation".

Research released by Credit Action recently revealed that the average household debt now stands at £57,697.

The total value of all purchases made using plastic cards today is £1,156,000,000.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.
 ADNFCR-2776-ID-800487909-ADNFCR



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