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‘Challenging times’ for many households as rise in consumer credit continues PDF Print E-mail
Wednesday, 31 January 2018
The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.5 percent in the year to December 2017 up from 9.3 percent in November. Outstanding balances for consumer credit now stand at over £207.1 billion.

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “With outstanding balances on consumer credit now standing at over £207 billion it is clear many households are continuing to rely on borrowing to manage their finances.

“While most people will be able to cope with repayments, there could be challenging times ahead for many households already struggling with rising living costs and wage growth that is unable to keep up.

“At National Debtline, we hear from thousands of people each week who are already struggling to meet day-to-day costs.

“We would encourage anyone struggling with their finances to exercise caution before taking on any additional borrowing, and to make sure that you can make repayments in the event of a shock to your income."
 

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