Home News Citizens Advice responds to Institute for Fiscal Studies report on household debt

Citizens Advice responds to Institute for Fiscal Studies report on household debt

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Gillian Guy, Citizens Advice Chief Executive, said:

“Borrowing can help people manage unexpected expenses, but stretched household budgets mean some people are taking on debts they cannot afford just to make ends meet.

“People can be pushed further into debt by irresponsible lending practices such as credit card companies handing people credit limit rises they’ve not asked for, or rent-to-own and other high-cost creditors that lend to people who can’t afford the repayments.

“We must do everything we can to stop expensive credit dragging people into a debt spiral, which is why the Financial Conduct Authority should cap all forms of high-cost credit so no one pays back more than twice what they borrowed.”

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