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StepChange Debt Charity response to latest Bank of England Money and Credit statistics PDF Print E-mail
Thursday, 30 November 2017
In response to the latest Bank of England Money and Credit Statistics, Peter Tutton, Head of Policy at StepChange Debt Charity, said:  “Despite a slight slowdown, consumer credit continues to grow strongly, outpacing incomes.  Warning signs remain. Yesterday the Bank of England reiterated how lenders may be underestimating the losses they may face in a downturn. While consumer credit represents only 7% of banks’ exposure, it amounts to 40% of impairments in the Bank’s stress test.

“This comes against the backdrop of forecasts of the longest sustained period of falling living standards since the 1950s2, so the fact that 9 million people are currently using credit in order to cover essential costs should put tackling problem debt high on the policy agenda.

“Household financial stress and growing consumer credit create a pocket of risk which policy action can help to close. Regulators need to ensure consumer credit lending is responsible and affordable for households; and with the Government now committed to introducing a Breathing Space scheme to help people manage problem debt, it’s crucial to get it right and into existence as soon as possible.”
 

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