Our response to the Bank of England’s Money and Credit statistics

_{29 March 2017}

In response to the Bank of England’s Money and Credit statistics, Peter Tutton, Head of Policy at StepChange Debt Charity, said:

“Consumer credit continues to rise rapidly, adding to levels of UK household indebtedness that are already high by historical standards. With the Bank of England Financial Policy Committee highlighting the need for lending standards to be monitored closely, we urgently need action to prevent more households falling into unmanageable debt.

“February saw the highest increase in credit card debt in 11 years and the Financial Conduct Authority has already raised concerns over levels of persistent credit card debt.

“The FCA is due to announce the next steps from its credit card market study and it has the power to make a difference by ensuring responsible lending standards, banning unsolicited credit limit increases and compelling lenders to intervene early when people fall into difficulty.”