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Our response to the May 2017 Inflation Report

11 May 2017

In response to the Bank of England’s Inflation Report, Peter Tutton, Head of Policy at StepChange Debt Charity, said:

“Despite the small slow-down in consumer credit growth, it remains high at over 10% and existing levels of household debt remain high by historical standards.

“Households, especially those already struggling financially, face a tough period ahead as real income growth slows and inflation begins to bite. Millions of families are already reliant on credit just to get by and debt advice services are seeing record demand. The risk of problem debt to even more households in the future is a very real one.

“The Prudential Regulatory Authority and the Financial Conduct Authority are conducting reviews into current lending standards and what the impact on financial institutions might be. But it is up to policy makers now to address what rising consumer debt could mean for households. We need to see proposals that will mean fewer people fall into problem debt and that problem debt is less harmful when it does strike.”

Contact the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404 153

Email: press@stepchange.org

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Helping you become debt free...

“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