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StepChange Debt Charity response to the Bank of England’s Money and Credit statistics

June 1, 2016

In response to the Bank of England’s Money and Credit statistics for April 2016, Peter Tutton, Head of Policy at StepChange Debt Charity, said:

“Consumer credit continues to rise rapidly and this is an area of increasing concern. Millions of households continue to struggle to make ends meet and we have already seen an increase in the number of people coming to us for help in 2016.

“Creditors must ensure they are lending responsibly, with thorough and robust affordability checks. If they do not, and consumer credit continues to rise, not only could it increase the vulnerability of those already struggling, it could also see a whole new group of people dragged into the nightmare of problem debt.”

Notes to Editors

  1. Consumer credit increased by £1.3bn in April 2016. The figures showed an annualised increase of 9.6%, the second highest since December 2005
  2. Statistics from Bank of England Money and Credit statistics, available here

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Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2016