July 2016 response to the Bank of England’s Money and Credit statistics

29 July, 2016

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

“Unsecured borrowing still continues to grow at a rapid pace and Britain’s outstanding credit card bill remains at historically high levels. We’ve seen in the past how increased consumer borrowing leads to more people falling into serious financial hardship and problem debt. Yet we are no closer to having a coherent set of policies that help people deal with the impacts of falling into difficulty.

“With households less financially resilient than before the economic crisis and the Financial Conduct Authority (FCA) warning over problems such as persistent credit card debt, the government needs to look at measures that will better protect people from falling into difficulty in the first place and ensure better protection for people who struggle with problem debt.”