Citizens Advice responds to Institute for Fiscal Studies report on household debt
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.”
Notes to editors
- The Citizens Advice service comprises a network of local Citizens Advice, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
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- To get advice online or find your local Citizens Advice in England and Wales, visit citizensadvice.org.uk
- You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
- Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.
- Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 2,500 service outlets across England and Wales.