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(From Western Daily Press)
Consumers paid more off their credit cards and personal loans than they borrowed last month in a further sign that households are reining in spending and driving down debts. The British Bankers' Association (BBA) reported a net repayment of GBP100 million in unsecured consumer credit lending in August, compared to GBP100 million borrowing in July.
The surplus, which comes as surveys reveal falling consumer confidence amid warnings over the health of the economy, was driven by a net repayment of loans and overdrafts, while credit card spending was flat.
Elsewhere, the BBA showed a net repayment of GBP700 million on mortgage …