Debt-ridden households ‘risk a new credit crisis’: Bank of England’s dire warning over mortgage lending, credit cards and car finance deals

‘Families piling up too much debt pose a risk to ‘everyone else in the economy,’ the Bank of England warned last night.
It sounded alarm bells over risky mortgage lending, mounting credit card debts and an explosion of car finance deals.
Lenders were heading for a ‘spiral of complacency’ as low interest rates encouraged potentially catastrophic borrowing binges.
In a stark warning that Britain could be heading for another major financial crisis ten years on from the last, the Bank’s director for financial stability, Alex Brazier, said there were ‘signs of boundaries being pushed’ by banks now offering riskier mortgages.’
Read more: Debt-ridden households ‘risk a new credit crisis’: Bank of England’s dire warning over mortgage lending, credit cards and car finance deals