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Higher level of borrowing risks leaving many households 'exposed' in wake of Brexit vote

Money Advice Trust comments on Bank of England’s Financial Stability report.

 
The Bank of England Financial Policy Committee has today (Tuesday 5 July 2016) published its latest Financial Stability report, which identified “the high level of UK household indebtedness” as one “channel through which the [EU] referendum could increase risks to financial stability”.
 
Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline said:
 
“Before the referendum consumer credit had been growing rapidly, and we were already expecting an increase in demand for free debt advice services in the years ahead.  If the economy suffers in the wake of the Brexit vote, this higher level of borrowing risks leaving many households exposed to financial difficulty. 
 
“Debt charities like National Debtline exist to help people who fall behind, as wider economic changes filter down into their personal finances.  It is now more important than ever that we are prepared for what could be a significant increase in the number of people falling into problem debt in the UK.”
 
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