Borrowers 'looking to tackle debts'

Recent months have seen the UK's borrowers begin to address their debts, according to one expert.

Pierre Williams, head of research at the money advice website MoneyExpert.com, believes that people are focusing on things like overdraft and loan repayments.

In a development that may offer encouragement to those with credit card debt, Mr Williams suggests that recent mortgage rates have helped some consumers.

He commented: "The message that we need to live within our means is finally sinking in and ... those people benefiting from low mortgage rates are using this saving to repay unsecured debt."

The expert added that it is good to see that consumers are taking advantage of low rates.

Meanwhile, Bank of England figures have recently revealed that the month of October saw unsecured loans drop to a level of £713 million.

The bank believes that the same month saw an increase in the amount of borrowing on credit cards.