Brits set a record in debt payoffs
LearnBonds revealed that Brits paid off a record £7.4 billion of debt in April during the lockdown. They paid off £5 billion in credit card debt alone in April, compared to £2.4 billion paid off in March.
According to a survey, 70% of people have saved money in lockdown, since they have cut the cost of their commute, going out and have reduced the cost of their bills.
The report highlighted that the lockdown has created a gap in UK society. For instance, some households saw cuts to income and job losses, while others benefited from an enforced halt to much of their spending.
We’ve reported that 33% of US respondents’ monthly income goes toward paying debts off, exclusive of mortgages. Besides, 13% of Americans expect to be in debt for the rest of their lives.