Bank of England urges people not to panic over household debts

A deputy Bank of England governor has sought to calm fears over rising UK household borrowing saying that claims that it is “unsustainable” are overblown.
The TUC earlier this month warned that unsecured debt per person has hit a record high and claimed that borrowing is now at “crisis level”.
But in a speech in London on Wednesday Ben Broadbent, deputy governor for monetary policy, said most of the growth in unsecured debt in recent years has been acccounted for by “Personal Contract Purchases” (PCP) car finance and student loans.

Source: The Independent
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