Personal debt in the UK fell for the first time since records began in 1993. Personal borrowing fell by £600m in July, taking the total owed by individuals down to £1.457 trillion. Personal debt still exceeds total UK GDP. The main cause of the fall in personal borrowing was homeowners who were able to repay their mortgage debt. Many homeowners with a variable and tracker mortgage are benefiting from low interest payments, and are taking the opportunity to pay more debt back.
After reaching record lows, the number of new mortgages being approved rose in July to 50,123. But, the rise in new mortgages has been offset by homeowners paying more of their mortgage back.
See also: Frugality and the Economy