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We comment on latest Bank of England consumer lending figures

1 October, 2018

We respond to the latest Bank of England Money and Credit statistical release showing that the annual growth rate of consumer credit slowed in August, to 8.1%.

Peter Tutton, Head of Policy at StepChange Debt Charity said:

“With consumer confidence slipping over the summer against a backdrop of uncertainty caused by Brexit, it’s perhaps not surprising that credit growth has continued its downward trend.

“However, credit card borrowing keeps rising in contrast to other loans, and with household savings at a record low, means we must keep an eye out for issues arising out of emergency borrowing to ensure lending remains affordable and sustainable in the long term.”

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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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