Fall in UK personal debt levels

Peter Harrison, head of credit cards at moneysupermarket.com, said: "It is encouraging to see a reduction in UK consumer debt levels although this doesn't mean that the love affair with credit is at an end.

"UK consumers are definitely being savvier with their borrowing and many consumers are using the low rate environment to overpay on their mortgage borrowing and reduce their overall debt levels.

"Consumers are also taking advantage of some of the excellent zero per cent credit card offers currently available while avoiding expensive personal loans where rates are invariably higher than twelve months ago. Our advice to consumers is to shop around for the best deals. If you have a good credit history there are some excellent deals, particularly on credit cards."