StepChange Debt Charity warns over increased borrowing

3 April, 2013

In response to the release today of the Bank of England’s Credit Conditions Survey, StepChange Debt Charity is calling on banks to ensure that any increases in lending on loans and credit cards do not come at the expense of financially vulnerable consumers. 

In particular the charity is concerned that people do not use credit to mask genuine financial hardship.

The charity has already seen a significant increase in the number of people unable to meet the costs of everyday living, highlighted by the increase in priority debts such as Council Tax debt, energy bills and housing costs.

StepChange Debt Charity director of external affairs Delroy Corinaldi said: “While it is good that credit is becoming more available, lenders and borrowers must ensure that borrowing is sustainable.

“Consumers must give serious thought to whether further borrowing is needed and crucially that they can afford it in the event of a serious change of circumstances. We encourage anyone struggling financially to seek help from an organisation like StepChange Debt Charity”.