British consumers opted to pay off debts rather than go on a pre-Christmas spending spree, the banking industry's main lobby group said Monday, in another sign of the difficult retailing climate.
In its monthly assessment of lending conditions, the British Bankers' Association said the amount of money outstanding on credit cards dropped by 218 million pounds in December, while bank customers continued to pay off more of their overdrafts and personal loans than they took on. Total outstanding borrowing dropped by another 135 million pounds ($301 million), the fifth straight monthly fall.
"Consumer credit was very weak in December as people reined in …
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