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High levels of consumer credit to ‘increase scrutiny’ on household debt PDF Print E-mail
Tuesday, 31 October 2017
The Bank of England has today published its latest monthly Money and Credit report showing continued growth in consumer credit of 9.9 percent in the year to September. Outstanding balances for consumer credit now stand at over £204 billion. 

The figures come in the week the Bank’s Monetary Policy Committee are predicted by many commentators to raise interest rates for the first time since 2007.

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “The Bank of England and Financial Conduct Authority have rightly been paying close attention to rising levels of household debt. The fact that consumer credit continues to soar, with balances now over £204 billion, will only increase this scrutiny.

“With household debt a growing concern and an interest rate rise likely as early as this week, we encourage households to exercise caution before taking on additional borrowing – and consider how they would be able to cope with repayments in the event of a shock to their income

“Millions of people will have never experienced an interest rate rise. We are concerned that a small rise, combined with high levels of borrowing, rising living costs and slow wage growth could be enough to push many households into financial difficulty.

“Anyone struggling to cope should contact National Debtline or another free debt advice agency as soon as possible."

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