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

31 October, 2016

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

“These figures show that credit card borrowing is rising at its fastest rate since before the financial crisis. Credit cards are already the most common type of debt we see and we are concerned that increased lending could see even more people fall into problem debt.

“The Financial Conduct Authority’s credit card market study committed to making credit cards work better for consumers and identified clear concerns about persistent debt, but we are still waiting on details of the action that will be taken.

“Action is needed not only to prevent more people from falling into problem debt, but to provide better help for those already struggling.”

Notes to editors

  1. The Bank of England Money and Credit statistics (pdf) for September (released today) showed the highest annualised increase in credit card debt since August 2008.

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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