Credit card debt down

Households repay £377m in consumer creditBank of England figures show that households collectively made a £377m net repayment in consumer credit in April, with this including credit cards, personal loans and overdrafts. Analysis shows that while people have been making significant net consumer credit repayments since the first lockdown in March 2020, April’s net repayment was lower than the average £1.7bn that has been paid back each month over the past year. The amount of cash in bank accounts rose by £10.7bn in April. The fact this is far lower than the figures recorded in recent months suggests people are starting to spend more as the economy reopens, with a 9.2% rise in retail sales over the month also suggesting this may be the case.