A BBC article revealed that according to the British Bankers Association (BBA), UK homes and businesses are becoming increasingly reluctant to take out new debts, amidst an increasingly uncertain economy.
The BBA noted that in the year to September, both unsecured loans and overdrafts fell by 7.7%. The amount of new borrowing for personal loans recorded in September 2012 barely touched £1.1bn, roughly a third of the levels seen pre-financial crash.
Unsecured borrowing against the biggest banks was 2.5% lower in the year to September 2012, with only credit card debt bucking the overall trend with a 4.8% rise over the period.
It does appear that the larger government warnings of the UK having excessive debt is filtering down to the micro economic level.