Householders and companies are continuing a safety-first approach to debt reflecting slow growth in the UK economy, a banking body has said. Outstanding debt on consumer overdrafts and personal loans, at £52bn, was at its lowest for 10 years, the British Bankers' Association (BBA) said. However, there was a slight rise in the number of mortgages approved in July. Among businesses, the banks said that debt repayments by companies were outstripping new loans.

Cutting debt: The figures suggested that people were using existing funds to cover essential payments, rather than borrowing more. Last month, the BBA said that some people were saving less because they were having to pay higher household bills. The latest figures show that the savings and personal deposits with major High Street banks accelerated slightly in....Read more on this story----> Click HERE