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Bank of England figures confirm significant and prolonged rise in borrowing PDF Print E-mail
Tuesday, 01 December 2015

The Bank of England has today published its October Money and Credit report.  Total lending to individuals rose by £4.8bn in October, above the six-month average increase, leaving the total amount outstanding at £1.455 trillion.  The number of mortgages rose to 69,630 in October, with the value of new mortgage approvals at £12.2bn.

Consumer credit increased by £1.2bn in October, with consumer credit growth over the last year at 8.2 percent – the fastest pace since 2006. Credit card lending rose by £300m in October, in line with average monthly increases.

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline said: “Today’s figures confirm that we are in the middle of a significant and prolonged rise in borrowing by households, with consumer credit now growing at its fastest rate since 2006. While many will be able to service this extra borrowing, we remain concerned that a minority are turning to credit to make ends meet.

“While there is significant relief that planned tax credit cuts are now off the table, we must not underestimate the precarious financial position that many low-income households are already in. There remains a significant number of households who are just about getting by, and an increase in debt repayments could tip many into financial difficulty.

“Anyone who is struggling to cope should seek free advice from a charity-run service such as National Debtline as early as possible.”

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