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|Arrow Global comments on the Bank of England Money and Credit report|
|Monday, 29 February 2016|
Tom Drury, Chief Executive Officer of Arrow Global, comments: “We have reached the point in the credit cycle where consumer debt is rising sharply, with consumer credit up 9.1% in the last year. In January, consumer credit rose by £1.6 billion, 45% more even than in December (£1.1 billion), when consumers borrow to pay for Christmas spending suggesting that this is a sustained rise triggered by improved consumer confidence.
“Record low interest rates over the last seven years mean that many consumer have been able to reduce their debt burden over the last few years. However the current increase in consumer debt combined with interest rate rises over the years ahead will lead to rising debt defaults as we enter the next phase of the credit cycle: we forecast a 17% rise in households in default by 2020.
“Our recent research revealed just how challenging debt default can be for the individual involved, from lack of sleep to problems with drinking or drugs. That’s why it is vital for the consumer debt industry to work together with the debt charities to plan for high levels of consumer debt and defaults and ensure that struggling borrowers are given the impartial advice and support they need to manage their finances.”
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