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‘Concern’ over rapid growth in consumer credit PDF Print E-mail
Tuesday, 01 March 2016

The Bank of England has today published its January Money and Credit report, in which consumer credit was reported to have grown by £1.6billion in January, up 9.1 percent on a year ago.

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline said: “Such rapid growth in consumer credit is something that should be of concern to us all. This latest spike in January comes on top of what was already a big rise in borrowing in the run up to Christmas – and we remain concerned that a minority are turning to credit to make ends meet.

“More borrowing is of course to be expected in an economy that is on the mend, but we must not underestimate how many household budgets have never really seen a recovery of their own. A large number of families are only just about getting by, and our message to them is to think very carefully before taking on more credit commitments.

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

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