In November, credit card debt decreased by around £100 million, marking the first time that there has been a net repayment by consumers since July 2013.

The research also revealed that the annual rate of consumer credit growth, which includes credit cards, overdrafts and car finance schemes, fell to 5.7% - a level not seen since 2013. This was down from 6.1% in October and substantially below the 10.9% peak in November 2016. Consumers borrowed an additional £600m in the month.

Credit-fuelled spending has also dropped substantially since it reached its height in 2016 when worries of a financial bubble caused the Bank of England to call for tougher affordability standard, leading to a tightening of supply.

It also appears that consumers became more cautious about their personal finances in the last few months of 2019, amid increasing political uncertainty and the economic outlook, The Times reports.

Regardless of the fall in credit card debt, the total amount owed is £72.1 billion, an amount well above the levels seen prior to the financial crisis, when it was £50bn.