'Malfunctioning economy' needs immediate Government action

Responding to today's publication of the monthly Money and Credit statistics from the Bank of England, Cardeo has called for Government action to help consumers.

Responding to the report, Cardeo CEO, Gavin Shuker, said:

“There are few clearer signs of a malfunctioning economy than sky high credit card debt among consumers. November 2022 saw UK borrowing hit its highest level since 2004, but with expenses set to rise even further in 2023, this record might not stand much longer.

Today's publication has shown a jump in card interest rates to 19.55% in December - meaning less pounds for essentials and more to pay down debt.

“Cardeo is doing what it can to ease the pressure on credit cardholders, but the onus is on the Government to navigate a way out of this crisis, and soon. The Government needs to make open data a reality in order to bring competition to the sector and help lower prices for consumers."

Notes to the editor

1. To find out more, explore cardeo.com

2. Bank of England Money and Credit statistics

1. Cardeo is a smart credit card management app that allows users to hold onto their cards yet save money. Users can manage their accounts in one place, set goals for repayments, and pay them back in the cheapest way, allowing them to get out of debt faster.

2. Cardeo uses open banking and is a proud graduate of Tech Nation Fintech 4.0, the Government backed scaleup programme.

3. To find out more, explore cardeo.com

4. Cardeo is registered with the Financial Conduct Authority for the provision of payment services (FRN 940438) and is authorised and regulated to carry out debt counselling, credit broking and credit lending services (FRN 964449).

5. Cardeo is a registered trademark of Cardeo Ltd, a company registered in England and Wales, number 12512807.

For further information

communications@cardeo.com