Money Advice Trust responds to latest Bank of England borrowing figures

The Money Advice Trust responds to latest Money and Credit figures

Today’s Bank of England Money and Credit figures show consumer credit growth remained at 7.7 percent in April 2023 with outstanding balances for consumer credit now standing at £213.3 billion.

New findings from a survey of callers to National Debtline show that:

• A third (32 percent) said they had used credit to cover essential costs, including energy and council tax bills.
• Four in five (79 percent) callers said they were worried about being able to pay for essentials due to rising costs.

Joanna Elson CBE, chief executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said:

“Consumer credit borrowing continues to grow significantly, which partly reflects the impact that sustained high costs are having on household finances.  With many incomes struggling to cope, there is a risk that more people are left using credit to plug gaps in their budgets.

“A third of surveyed callers to our National Debtline service say they have already had to use credit to cover essential costs, including for energy and council tax bills.  As ever, it’s those on the lowest incomes who face the hardest choices and are most at risk of difficulty as debts can quickly build up.

“I would encourage anyone worried about their finances to contact a free debt advice service as soon as possible.”

National Debtline provides free, independent debt advice at www.nationaldebtline.org

Business Debtline provides free independent advice for people who are self-employed and small business owners at www.businessdebtline.org