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Our comment on the latest Bank of England
lending data

1 May, 2018

Today’s data from the Bank of England shows a monthly slowdown in the rate of growth in consumer credit lending – but in the first quarter of this year, the seasonally adjusted amount of consumer credit lending outstanding was at its highest level ever at £209,175 million, exceeding the previous quarterly peak of £208,296 million in the third quarter of 2008.

Commenting on the latest data, StepChange Debt Charity head of policy Peter Tutton said:

“A decade on from the financial crisis, we must not lose sight of the impact of sustained pressure on already stretched household budgets in coping with the rising daily cost of living. We estimate that severe problem debt currently affects some 3.4 million people in the UK, so tackling and preventing vulnerable households from falling into problem debt should be high on the policymakers’ agenda. While the financial system may not be at risk of history repeating itself in terms of systemic failure, at household finances level the risks are all too real.

“Regulators and lenders must act on reviewing credit products like overdrafts, credit cards and hire purchase in order to reduce the number of people inadvertently trapped in a vicious cycle persistent problem debt, while the government must support affordable alternatives to affordable credit.”

Contact the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404 153

Email: press@stepchange.org

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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 2018