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

29 November, 2016

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

“Consumer credit is rising at its fastest rate for over a decade and the amount owed on credit cards continues to hit record levels. With Christmas on the horizon, there is a real risk of adding to the millions of people already struggling with high levels of persistent debt.

“It is vital that lenders use thorough affordability checks to ensure that people can repay credit in a reasonable time and without hardship. When people do find themselves in persistent debt, lenders need to help identify them early and offer the vital assistance they need.”

Notes to editors

1. The Bank of England Money and Credit statistics  (PDF) for October (released today) showed the highest level of consumer credit since December 2008, with the highest annualised increase since October 2005.

2.The statistics also showed once again the highest ever level of credit card debt, with the highest annualised increase since February 2006.

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