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|Consumer credit surge could put some households at risk|
|Friday, 29 July 2016|
The Bank of England has today published its Money & Credit statistical release for June, showing that consumer credit rose by £1.8 billion in June, compared to the average of £1.5 billion over the previous month, with a twelve-month growth rate of 10.3 percent. Within this figure, credit card lending increased by £0.6 billion in June, compared to the average of £0.4 billion over the previous six months.
Jane Tully from the Money Advice Trust, the charity that runs National Debtline, commented: “The continued surge in consumer credit is reinforcing our concern that some households risk being left exposed to financial difficulty, if the economy does indeed suffer in the wake of the EU referendum result.
“Most people are currently able to handle the extra borrowing they have taken on, but a minority are still struggling with the impact of the last decade’s squeeze on household incomes. This extra borrowing could become even more difficult to repay if there is a halt to the UK’s economic recovery.
“Amid new economic uncertainty, it is now more important than ever that we are prepared for what could be a significant increase in demand for debt advice in the years ahead.”
Earlier this month the Bank of England’s Financial Policy Committee identified “the high level of UK household indebtedness” as one “channel through which the [EU] referendum could increase risks to financial stability”.
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