Credit, Collections & Insolvency News
The Bank of England’s latest money and credit statistics have revealed that mortgage approvals have fallen to a six month low. The statistics also show an increase in consumer debts such as credit cards and loans. The Bank of England’s figures for March 2017 show consumer credit increased by 10.2% in the year to March, to £197.4 billion.
Key points from the Banking data to the end of March 2017 include:
Commenting on the figures Citizens Advice is calling on the next government to make sure people can get the right support to manage their finances, particularly at key stages of their lives such as buying a home or having a baby. Gillian Guy, Chief Executive of Citizens Advice said: “Consumer credit is rising at a time when people are already struggling to pay for the basics such as housing costs and heating their homes. In the last year, Citizens Advice helped 350,000 people with debt issues, with the numbers of people unable to meet debts on essential bills outstripping those with consumer debts such as credit cards and loans.
“Changing life circumstances such as the loss of a job, getting married or starting a family can put pressure on people’s finances and mean they need to think differently about their income and outgoings. The next government should consider offering people advice on their finances at key stages in their lives to help them take control of their finances and plan for the future.”