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

1 March 2017

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

“While the consumer credit growth rate has slowed, the level of outstanding unsecured debt continues to increase by more than 10% year on year and another £1 billion is outstanding from January. Borrowing is still increasing at levels not seen since late 2005, when household debt problems were rising.

“When borrowing rises more quickly than wages, it can leave more households exposed to persistent debt. We are currently experiencing record demand for our services and as households take on more debt, it could greatly increase their vulnerability. Responsible lending is still critically important and the need for better protections for people who do fall into difficulty continues to increase.”

StepChange Debt Charity News Contact

Contact the StepChange news team on:

Tel: 0207 391 4598

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Email: press@stepchange.org

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“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.

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© StepChange Debt Charity 2017