Our response to the Bank of England’s Money and Credit statistics
4 January 2017
In response to the Bank of England’s latest Money and Credit statistics, Peter Tutton, Head of Policy at StepChange Debt Charity, said:
“Levels of outstanding borrowing on credit cards, personal loans and other forms of consumer credit are approaching the 2008 peak, and the growth rate of net lending is at its highest since 2005. Alarm bells should be ringing. Previous experience shows how such increases in the levels of borrowing can leave households over-indebted and vulnerable to sudden changes in circumstances and drops in income that can pitch them into hardship.
“Lenders, regulators and the Government need to ensure that the mistakes made in the lead-up to the financial crisis are not repeated and that there are better policies in place to protect those who fall into financial difficulty.”