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Comment on Bank of England data: the burden of persistent debt

29 March, 2018

Commenting on today’s Bank of England data Peter Tutton, head of policy at StepChange Debt Charity, said:

“Consumer credit lending growth continues apace, and once again credit card lending growth leads the pack. With the prospect of higher interest rates ahead, now is surely the right time for policymakers to look hard at what else they can do to head off a predictable increase in problem debt before it happens.

Too many people are carrying the burden of persistent credit card and overdraft debt. We estimate 1.4 million households used high cost credit last year for basic living expenses.

This creates a debt spiral and more public policy intervention is needed if we are to solve it.”

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