Now is ‘not the time for complacency’ despite slowdown in consumer credit growth

The Bank of England has today published its latest monthly Money and Credit report showing consumer credit growth slowed to 6.6 percent in the year to December 2018. Outstanding balances for consumer credit stand at £215.6 billion.

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “While the slowdown in the rate of consumer credit growth is likely to grab most of the attention, the total amount outstanding continues to grow and remains worryingly high at over £215.bn.

“For the majority of households, able to make repayments, this is unlikely to be a concern. However, we know that there are many people walking a financial tightrope where one change in circumstances, can be all it takes to push them into difficulty.

“We heard yesterday that the numbers of people going insolvent is at a seven year high, which reflects the challenging times many households still face. With much uncertainty in the economy, now is not the time for complacency.

“I would encourage anyone in financial difficulty to contact National Debtline or another free debt advice agency as soon as possible.”