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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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