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StepChange Debt Charity responds to the Bank of England’s Money and Credit statistics PDF Print E-mail
Tuesday, 01 December 2015

Consumer lending continues to rise, with an annual increase of 8.2% reported for the second month running, the highest increases since February 2006. Consumer lending is now up to £177.1 billion, the highest level since July 2010“. Other loans and advances” (consumer credit excluding credit cards) saw an annual increase of 9.6%, the highest for 10 years (since October 2005). “Other loans and advances” now stands at £114.3 billion, the highest level for nearly five years (since November 2010)

In response to today’s Money and Credit figures from the Bank of England, Peter Tutton, Head of Policy at StepChange Debt Charity, said: “Consumer credit continues to rise strongly with some of the biggest increases we have seen in years. It is vital that responsible lending standards do not relax at a time when many households are still financially vulnerable, otherwise we risk repeating the mistakes that led to the large and unsustainable credit balances we saw in the run-up to the financial crisis.

“The consequences of these mistakes continue to cause problems today and must not be allowed to happen again.”

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