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Finance & Economics

Brits paid off a record card debt during lockdown

Jun 04, 2020

Brits set a record in debt payoffs

card debt

Brits paid off a record card debt during lockdown. Source: shutterstock.com

LearnBonds revealed that Brits paid off a record ￡7.4 billion of debt in April during the lockdown. They paid off ￡5 billion in credit card debt alone in April, compared to ￡2.4 billion paid off in March.

According to a survey, 70% of people have saved money in lockdown, since they have cut the cost of their commute, going out and have reduced the cost of their bills.

The figures from the Bank of England show that as a nation we paid off £5 billion in credit card debt in the past month, more than double the record £2.4 billion we paid off in March and far ahead of the usual £300 million that’s paid off each month. However, we still have a long way to go with £64 billion left to pay off on credit cards
Laura Suter, a financial analyst from the trading platform AJ bell

The report highlighted that the lockdown has created a gap in UK society. For instance, some households saw cuts to income and job losses, while others benefited from an enforced halt to much of their spending.

We’ve reported that?33% of US respondents’ monthly income goes toward paying debts off, exclusive of mortgages. Besides, 13% of Americans expect to be in debt for the rest of their lives.

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