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Continued ‘reliance’ on credit a potential issue for many households PDF Print E-mail
Friday, 02 March 2018
The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.3 percent in the year to January 2018. Outstanding balances for consumer credit now stand at over £207.5 billion. 

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “Whilst the rate of growth in consumer credit has eased slightly outstanding balances remain high at £207.5 billion as the reliance on borrowing for millions of households across the UK continues.

“Borrowing on credit cards rose from £0.5 billion in December to £0.7 billion in January. At National Debtline, nearly one in three of the people we help are struggling with credit card debt. While most households will be able to meet repayments, our concern is that many people already struggling with rising living costs and low wages are at risk of falling into financial difficulty.

“The slightest change in circumstances, such as a small drop in income, can be all it takes to push someone into problem debt.

“We would encourage anyone struggling to meet day to day bills 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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