This week, consumer body, Which? has reported that bank branch closures are occurring at a faster rate than ever, with 703 set to shut this year. The report reveals that 461 branches closed in 2015, while 583 shut last year, bringing it to a total of 1,747 in three years. Part of these closures are formed by Barclays who advised 62 branches would close by the end of the year as its face-to-face customer base had dropped by almost half in the past five years.

The closures mark a significant departure from the traditional banking infrastructure and heeds further warning for access to credit for all.

Rising food prices, a sharp fall in the value of sterling since the Brexit vote in June 2016, combined with stagnant wage growth are continuing to reduce the size of consumers’ pockets. At a time when banks are closing at an alarming rate, there is little sign yet that the squeeze on spending is easing.

Perhaps more concerning are reports that nearly 1 in 5 people struggling with debts had their credit card limit raised without submitting a request. Indeed, credit card usage has increased by 12% in the last year – the fastest annual rise in the number of card transactions since 2008 – as UK consumers struggle to cope.

As we go forward, lenders and consumers must continue to navigate the choppy waters of Brexit; a potential rise in interest rates and a rise in employee pension contributions in April 2018 – all of which will further squeeze disposable incomes.

Access to responsible credit will be crucial during these times, whilst ensuring that customers are not exposed to unaffordable debt. The CCTA and its members will continue to work hard to ensure that responsible, innovative and transparent consumer credit firms are ready and able to serve.