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StepChange Debt Charity response to Bank of England Money and Credit statistics PDF Print E-mail
Tuesday, 31 October 2017
In response to the announcement the latest Bank of England Money and Credit Statistics, Peter Tutton, Head of Policy at StepChange Debt Charity, said:  “The continuing growth of consumer credit, and particularly credit card debt, should act as a warning sign about the financial health of households in the UK. Our research estimates that nearly 9 million people are using credit to pay for everyday household expenses, and with the Institute for Fiscal Studies (IFS) pointing out that average real wages are lower than they were a decade ago, more people are at risk of falling behind their everyday bills and becoming trapped in spiralling problem debt.

“The Financial Conduct Authority needs to make sure that increased credit card lending does not push more people into long term debt. Lenders must make robust affordability checks and set minimum repayments to clear credit card borrowing quickly. We are looking for the credit card sector to deliver a clear plan setting out how lenders will help people out of persistent debt and financial difficulties.”
 

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