StepChange responds to new Money and Credit figures

^{1 December 2025}

New figures from the Bank of England show a drop across the board in mortgage borrowing, approvals, and consumer credit borrowing for October. StepChange Debt Charity suggests this slowdown in the mortgage market may reflect uncertainty in the lead-up to last week’s Budget, but warns that consumer credit borrowing is likely to rise as Christmas approaches.

Simon Trevethick, Head of Communications at StepChange, said:

“Last week’s Budget may have prompted some people to pause financial decisions amid uncertainty over potential changes. After a turbulent few years, it’s understandable that consumers remain cautious about mortgage borrowing.

“With December now here and attention turning to Christmas, we expect consumer credit borrowing to pick up as people look to fund the festive season. Our new YouGov polling shows that 8% of British adults who will struggle to afford Christmas plan to rely on credit—that’s around 4 million people.

“For many, financial pressure and debt problems can surface at this time of year. We urge anyone considering credit to plan carefully and explore ways to enjoy a joyful Christmas without risking financial difficulty. And remember, it’s never too early to seek free, impartial debt advice if you’re worried, whether now or in the New Year.”

Notes to editors

1. The Bank of England’s Money and Credit figures for October 2025 can be found here.
2. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2070 adults. Fieldwork was undertaken between 17th - 18th November 2025. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
3. Population estimates for GB adults are conducted and calculated by StepChange, based on ONS data.