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Borrowing on credit cards rises at fastest annual rate in two years
The Guardian
|January 06, 2026
Credit card borrowing rose at the fastest annual rate for almost two years in November, according to the Bank of England, as households took on debt to finance the rising cost of Christmas.
In a snapshot covering the month of Rachel Reeves’s highly anticipated autumn budget, the central bank said individuals borrowed an additional £2.1bn in consumer credit, up from a £1.7bn increase in October.
Annual growth in credit card borrowing rose from 10.9% in October to 12.1% in November - the highest rate since January 2024.
Simon Trevethick, of the Step-Change debt charity, said: “For many households, the increase in consumer credit borrowing in November may reflect the reality that everyday costs are becoming harder to manage without turning to credit.
This story is from the January 06, 2026 edition of The Guardian.
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