Debt charity responds to Bank of England borrowing figures

The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has today responded to the Bank of England’s August Money and Credit figures.

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: “Today’s Bank of England figures show an increase in repayments on borrowing, but this does not reflect the lived reality for millions of households who are struggling to make ends meet.

“At National Debtline we are hearing from people who have fallen behind on essential household bills as a result of the Covid-19 outbreak. Many are trying to deal with their immediate challenges of paying, rent, mortgages, council tax and other bills and are worried about their financial futures.

“The government has already taken decisive steps to support jobs and wages – we now need further action to prevent households falling into debt on a range of household bills. This needs to include, no-interest loans to help people meet their rent payments, changes to the Support for Mortgage Interest scheme and urgent reform of the way council tax is collected.”