We aim to make our website as accessible as possible. However if you use a screen reader and require debt advice you may find it easier to phone us instead. Our phone number is 0 8 0 0 1 3 8 1 1 1 1. Freephone (including all mobiles).
StepChange Debt Charity logo

We comment on latest Bank of England Money & Credit data

29 November, 2018

New Bank of England data released today shows there was a net rise in consumer credit of £0.9 billion in October, with net credit card borrowing accounting for £0.4 billion of this.

Commenting on the latest data, StepChange Debt Charity Head of Policy Peter Tutton said:

"Although the flow of credit card borrowing may be slowing down, it’s important to recognise that the amount still owed on credit cards remains extremely high. Some £72 billion of credit card debt remained outstanding in October – up from around £69 billion just a year ago.

"While it may be true that some people are making greater use of cards for transaction rather than for borrowing, there is still a massive backlog of rolling card debt, with some three million people potentially subject to the Financial Conduct Authority’s new interventions to address persistent credit card debt.

"The high cost of credit may not be immediately obvious within some kinds of products, which are often held by people experiencing problem debt. Credit cards and overdrafts can be examples of this, and we urge the FCA to remain focused in addressing them."

Media enquiries

Get in touch with our media team for more information about our work.

Social media

Connect with us through social media and get all the latest news about our campaigns.

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.

We link to external websites where they contain relevant information for our visitors. We're not responsible for the content of these websites, or any infringement on your data rights under data protection regulations by any external website provider.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2019