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We may be living through tough times, but the amount of debt we're carrying is actually falling. In fact, October saw UK residents' unsecured debts fall by half a billion pounds.
This was the third time in four months that people in the UK have repaid more than they borrowed - in terms of credit cards, overdrafts, unsecured loans, etc.
Consumers are strongly focused on paying off their debts, according to the BBA - as figures show that consumer credit repayments exceeded new borrowing in October.
Credit card lending exceeded repayments by £0.2 billion that month, but this was more than cancelled out by a £0.4 billion net repayment of personal loans and overdrafts.
Around half the population feels worse off financially than they did a year ago, according to a recent survey.
It's something Gocompare.com has been looking into since August 2010, when it began asking people how their finances had changed over the last 12 months.
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