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We respond to Bank of England Money and Credit statistics

5 January, 2018

In response to the Bank of England’s latest Money and Credit data (November 2017), Peter Tutton, Head of Policy at StepChange Debt Charity, said:

“While the rate of growth may have slowed, the outstanding amount of borrowing taken on by households continues to grow at a rapid pace.

We know that millions of people are already using credit just to get by; while wages falling behind inflation risks leaving many more families vulnerable to debt. Helping the millions of households living on a financial knife edge must be a priority for public policy.

With the pile of outstanding credit card debt still growing, the Financial Conduct Authority (FCA) must ensure that its credit affordability rules are robust enough to ensure that what is designed to be a short-term lending product, does not trap people in long-term, expensive and potentially harmful cycles of debt.”

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Tel: 0207 391 4598

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Email: press@stepchange.org

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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.

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© StepChange Debt Charity 2018