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StepChange responds to Bank of England’s Money and Credit statistics

4 January 2024

Responding to the November figures from the Bank of England today showing a rise in consumer credit borrowing, Richard Lane, Chief Client Officer at StepChange Debt Charity, said:

New Money and Credit figures from the Bank of England today show a rise in consumer credit borrowing in November, coinciding with the lead up to the festive season. With January being our busiest time for clients needing debt advice, we know that Christmas can put a strain on people’s budgets and for some can create a spiral of unmanageable debt going into the New Year. Our recent polling showed that of those who borrow money to cover festive costs, one in five (19%) expect it’ll take them more than a year to repay the credit used.

“With more people relying on credit to make ends meet following almost two years of the cost of living crisis, it’s likely that any money borrowed for Christmas will be particularly difficult to repay in the coming months. For anyone struggling with debt from the festive season, you don’t have to suffer in silence as support is out there. StepChange offers free and impartial debt advice, tailored to your personal circumstances – visit stepchange.org to get started.”

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