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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.”

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Tel: 0207 391 4598

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Email: press@stepchange.org

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Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

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.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2017