As per the latest news reports, people of Britain are paying off their credit card dues faster than ever. Perhaps the Britons have understood the dangers of debt accumulation.

London (shakespearefinance.co.uk) October 02, 2006: According to the bank of England’s recently released data, people in Britain have started to pay off their credit card bills faster than ever before.

In the month of August, payments exceeded the borrowings by 311 millions pounds. The total amount of credit card dues in England has come down as well. It now stands at 55.4 billion pounds.

For expenses, people prefer the debit card to the credit card now. According to economists, more and more people are likely to cut down their credit card expenses in the near future due to the high interest rate. Some people, it is to be noted, are borrowing personal loan, secured loan, unsecured loan, etc to pay off their credit card dues.

Awareness in the public about the dangers of debt accumulation is said to be the chief reason for their paying off the credit card debts. The recent rise in interest rate and the strict lending criteria are said to be other reasons behind the change in the customer behaviour.