Consumer credit debt sees sharpest rise since the financial crisis

• Consumer credit debt up by 2.7% (£5.7 billion) in the first quarter of 2023, Bank of England figures show

Bank of England statistics published today (Thursday) show consumer credit debt rose by 2.7% (£5.7 billion) in the first quarter of 2023 – the sharpest quarterly rise since the first quarter of 2008.

TUC General Secretary Paul Nowak said:

“Working families shouldn’t have to rely on credit cards and loans to pay for everyday essentials.

“But fifteen long years of wage stagnation and cuts to social security have left millions brutally exposed to this cost of living crisis.

“Unless we get pay rising across the country, more and more households will be pushed into the red.

“That means giving workers stronger rights and bargaining powers. Yet the Conservatives are ramming through parliament new anti-strikes laws that will it make it harder for workers to win better pay and conditions.

“This government is presiding over the worst living standards crisis in 200 years.”