Credit Cards: Debts

Department for Business, Energy and Industrial Strategy written question – answered on 8th January 2018.

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Photo of Stella Creasy Stella Creasy Labour/Co-operative, Walthamstow

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the contribution of credit card debt to personal insolvency over the last five years.

Photo of Margot James Margot James Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The Insolvency Service regularly assesses how changes in debt levels impact on the number of personal insolvencies. It considers a wide range of economic indicators to determine which has the greater impact on levels of personal insolvency. Over the last five years, the analysis has shown that total household debt is a better indicator of personal insolvency movements than levels of credit card debt.

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