PARLIAMENTARY WRITTEN QUESTION
Credit Cards: Debts (10 June 2020)
Question Asked
To ask the Chancellor of the Exchequer, what recent estimate he has made of the effect of the covid-19 outbreak on the level of credit card debt; and if he will make a statement.
Asked by:
Ed Davey (Liberal Democrat)
Asked by:
Ed Davey (Liberal Democrat)
Answer
The Government is conducting on-going work to understand and monitor the current and future effects of COVID-19 on consumer debt. This data is still under development.
Regulatory responsibility for the consumer credit market lies with the Financial Conduct Authority (FCA). The FCA continues to monitor the credit card market and stands ready to act wherever consumer detriment is identified.
The Government has taken steps to support individuals and businesses through this difficult time, including providing an additional £37.8 million for debt advice providers helping people affected by COVID-19.
Answered by:
John Glen (Conservative)
15 June 2020
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