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Consumer credit levels ‘remain a concern’ despite borrowing slowdown PDF Print E-mail
Thursday, 04 January 2018
The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.1 percent in the year to November 2017. Outstanding balances for consumer credit now stand at over £205.8 billion.  Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “Whilst today’s figures show a slight slowdown in the rate of consumer borrowing, outstanding balances on consumer credit are still over £205 billion – and this remains a concern. “We know from our own research that millions of Britons expect to fall behind with their finances this January as a result of Christmas spending. With this in mind, such high levels of consumer credit remain a concern as households struggle to make ends meet, with rising living costs and wages unable to keep up. “We would encourage anyone struggling with their finances to exercise caution before taking on any additional borrowing, and to make sure that you can cope with repayments in the event of a shock to your income. Look at your personal finances and where possible make a plan for 2018."
 

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