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

April 29, 2016

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

“Consumer credit has again risen rapidly and this is an area of growing concern.

“Slow wage growth and the rise in insecure jobs have left millions of households financially vulnerable and we have already seen an increase in the number of people coming to us for debt advice in 2016. If consumer credit continues to rise quickly, it risks increasing the vulnerability of households who are already struggling to make ends meet.

“The last time consumer credit increased at this rate was in the lead-up to the recession, when credit was widely available and many households became seriously indebted. Creditors must ensure they carry out thorough affordability checks and lend responsibly to ensure that the mistakes made back then are not repeated.”

Notes to Editors

  1. Consumer credit increased by £1.9bn in March 2016. The figures showed an annualised increase of 9.7%, the highest since December 2005.
  2. Statistics from Bank of England Money and Credit statistics, available here (PDF):

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