UK credit card borrowing rises at fastest annual rate for 17 years
CategoriesUK News

UK credit card borrowing rises at fastest annual rate for 17 years

Annual growth for credit card borrowing hit 11.6% in April

Credit card borrowing is rising at its fastest annual rate in 17 years, the Bank of England said on Tuesday, with analysts warning a recession looks increasingly likely as growing numbers of households go into debt to make ends meet.

The annual growth rate for credit card borrowing hit 11.6% in April – the highest figure since November 2005. The rate for all consumer credit increased to 5.7% in April, from 5.2% in March, rising faster than at any time since just before the pandemic.

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