UK credit card debts fall for first time since 2013

Borrowers repay 100m in November, reflecting falling demand for consumer lending

UK consumers have made net repayments on their credit cards for the first time in almost seven years, as households across the country rein spending in and rebuild their finances after a boom in borrowing.

The Bank of England reported the first monthly fall in credit card debts since July 2013, after borrowers repaid around 100m in November to reflect fading demand for consumer credit.

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