More People Are Paying Off Their Loans Finds Nationwide

Nationwide’s latest consumer confidence survey has found that the number of Britons planning to reduce their debts has tripled since June.

Six months ago only 16 per cent of those polled said they meant to cut their outstanding household borrowing, but new figures show this has risen to 49 per cent of the UK population.

Nationwide also found that people are also becoming more confident about house prices, with 34 per cent now believing house prices will rise over the next six months and only 22 per cent thinking prices will fall.

But there was no increase in the percentage of people who planned to save more.

“Our latest survey shows that people’s confidence in both the economy and their own financial situation is robust. It is also encouraging that consumers appear to be taking a responsible view of borrowing and more people appear to be planning to reduce their level of household debt,” said Stuart Bernau, Nationwide’s executive director.

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