Which? response as consumer lending jumps to five-year high as squeezed households rely on credit
Rocio Concha, Which? Director of Policy and Advocacy, said:
"These borrowing figures echo new Which? research, which found a group of almost eight million people who are more likely than others to have used credit to get through the cost of living crisis and may be on the brink of serious financial hardship.
"The government has rightly focused help on those already struggling to get by, but it must also be mindful of these 'anxious and at risk' consumers, who represent a ticking time bomb while interest rates remain higher than for some time.
"The government can help by tightening regulation on buy now pay later credit to stop unaffordable lending and ensuring essential businesses are doing everything in their power to ease pressures on household finances.”
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Notes to editors