Homeowner on reducing personal debt

The total amount of personal debt in the UK has fallen for the first time since records began in 1993, the Bank of England has said.

Homeowner Richard Otten told the BBC that the interest payments on his mortgage had fallen in the past 18 months from £1,800 a month to just £200, but instead of spending the saved cash he had been using it to pay off his home loan quicker than planned.

He was speaking to Martha Kearney on Radio 4's The World At One.