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

February 1st, 2016

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

"The latest figures show that the rapid rise in consumer credit continues. This could reflect Christmas shopping or increasing consumer confidence. It will be important to monitor if these trends carry on through the first few months of 2016.

"In the ten years leading up to the financial crisis, we saw how a combination of consumer confidence and rising credit masked the underlying financial vulnerability of many households, resulting in an explosion of problem debt and insolvencies.

"It is vital that creditors lend responsibly and that we have adequate safety nets for those who are struggling, otherwise a whole new group of people could be dragged into problem debt."

Notes to editors:

1.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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