Rise in borrowing a sign of the financial burden households are under
Charity behind National Debtline responds to the latest borrowing figures from the Bank of England
Posted January 4, 2024
Today’s Bank of England Money and Credit figures show consumer credit growth rose to 8.6 percent in November 2023, with outstanding balances for consumer credit now standing at £221.4 billion. National Debtline is encouraging anyone worried about their finances to seek free debt advice.
Findings released by the charity this week show the impact of sustained high prices on household budgets and the emotional toll money worries are having on people in debt:
- 4.7 million (9 percent) UK adults are starting 2024 very worried and feeling unable to cope because of their finances.
- Nearly one in two (47 percent) are worried about their finances this January.
- One in eight (13 percent) people in debt are scared to open mail due to their finances.
David Cheadle, acting chief executive of the Money Advice Trust, the charity that runs National Debtline said:
“Millions of people are starting the New Year feeling unable to cope because of money worries, and with borrowing levels rising, this is a further sign of the financial burden many households are under.
“Turning to credit to cover essential costs is often an indicator of financial difficulty. And if repayments aren’t affordable debts can quickly mount, taking a toll on both financial and emotional health.
“If you are worried about money, talking to one of our experts can take a huge weight off your shoulders. Nearly one in four people in debt say they feel embarrassed about their situation, but they do not need to feel this way and we help people every day in similar circumstances.
“National Debtline is free and confidential, and our advisers are here to help whatever your situation.“
National Debtline provides free, independent, expert advice. Contact us free on 0808 808 4000 or via www.nationaldebtline.org.
