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Many households at ‘risk of difficulty’ as levels of consumer credit continue to rise PDF Print E-mail
Thursday, 29 March 2018
The Bank of England has today published its latest monthly Money and Credit report showing a slight jump in growth in consumer credit of 9.4 percent in the year to February 2018, up from 9.3 percent in January. Outstanding balances for consumer credit now stand at over £209.4 billion. 

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “Despite consumer credit balances now standing at over £209 billion, at present this is unlikely to be an issue for the majority of households able to meet repayments. Our concern is of a growing risk of difficulty for those households already struggling with rising living costs and slow wage growth.

“All too often it takes just one change in circumstances, such as a job loss or a relationship breakdown to push people into financial difficulty. At National Debtline we already hear from thousands of people struggling to meet daily costs, with nearly one in three are already struggling with credit card debt and one in seven are struggling with loan repayments.

“I encourage anyone who is struggling to cope to contact National Debtline or another free debt advice agency as soon as possible.”

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