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The total amount of personal debt in the UK has fallen for the first time since
records began in 1993, the Bank of England has said.
Personal borrowing fell by 600m in July, taking the total owed by individuals
down to 1.457 trillion.
There was a drop in both mortgage debt and other forms of borrowing such as
bank loans.
The number of mortgages approved in July rose again to 50,123, suggesting
property sales will continue to rise.
"Total net lending to individuals fell by 0.6bn in July, showing a net
repayment for the first time in the series," the Bank said.
The amount outstanding on mortgages fell by 400m as people repaid more than
they borrowed during July.
The amount accumulated on what is called consumer credit, such as loans and
hire purchase agreements, dropped by a net 200m, once a small rise in credit
card borrowing of 92m was taken into account.