StepChange comments on latest Bank of England figures

StepChange Debt Charity notes that latest Bank of England data shows that the annual growth rate of consumer credit slowed in November 2018, but credit card lending was still 7.9% higher than a year earlier, with other consumer credit lending up by 6.6%.

Commenting on the latest figures, StepChange Debt Charity CEO Phil Andrew observes: “Consumer credit growth may be relatively modest in percentage terms, but let’s not lose sight of the fact that in cash terms outstanding credit card borrowing still rose by £400 million compared with just a month earlier. In 2018, the Financial Conduct Authority announced a number of welcome measures designed to help address the unsustainable use of credit, including persistent credit card debt. The continuing growth in lending does suggest that vigilance will continue to be necessary to prevent credit becoming problem debt for households.”