High costs continuing to hit households hard as borrowing levels rise again
National Debtline responds to latest money and credit figures.
Posted July 1, 2024
Today’s Bank of England Money and Credit figures show consumer credit annual growth rose to 8.3 percent in May 2024, after a fall in April, with outstanding balances for consumer credit now standing at £1.85 billion.
National Debtline says the rise reflects the ongoing pressure some households are under, as many turn to credit to keep up with essential costs.
Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said:
“With consumer credit borrowing on the rise again, its clear many households are still relying on credit to plug the gaps in their finances.
“At National Debtline our advisers are hearing daily from people struggling to keep up with their essential costs, but turning to credit to make up the difference risks problems down the line if repayments aren’t affordable.
“Anyone worried about their credit card bills, or any other debts, should contact National Debtline – our advisers can help and can talk you through your options.”
