Cautious consumers' repayments on credit cards, loans and overdrafts outstripped new borrowing by £305m in February, figures show. This safety-first approach had led to a contraction in borrowing through loans and overdrafts for more than three years, major banks said. The figures, from the British Bankers' Association (BBA), showed a slowdown in activity in the mortgage market. It said remortgaging levels were at their lowest for 13 years.
'Difficult economic times'

Despite their cautious approach, consumers still spent £7bn on credit cards in February - a similar level as the previous six months, the figures show. Repayments outstripped new borrowing on credit cards by £39m in February. The repayment in unsecured lending was driven by weak demand, and continued payback, of loans and overdrafts. Unsecured lending by the banks contracted by 1.8% in the 12 months to February....Read more here--: Cautious consumers pay off debt, says BBA