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‘No room for complacency’ as growth of credit continues PDF Print E-mail
Thursday, 30 November 2017
The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.6 percent in the year to October. Outstanding balances for consumer credit now stand at over £205 billion. 

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “Whilst today’s figures show a very slight easing in the rate of increase of consumer credit, outstanding consumer credit balances now stand at over £205 billion.

“With rising living costs, low wage growth and a rise in interest rates contributing to a squeeze on many household’s budgets, there is no room for complacency. A rise of 9.6% in consumer credit growth when wage growth is at 2.2% is clearly a worry.

“Many families are already struggling to make ends meet, and with Christmas fast approaching, we encourage people to exercise caution before taking on additional borrowing and to consider how they would be able to cope with repayments in the event of a shock to their income.

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

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