Credit card borrowing rate raises concerns

CREDIT card borrowing grew at the fastest annual rate in nearly two years in the run-up to Christmas, fuelling concerns that everyday costs are becoming harder for some households to manage without turning to borrowing.

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A Bank of England report showed that the annual growth rate for consumer credit edged up to 8.1% in November, from 7.5% in the previous month.

Within this, the annual growth rate for credit card borrowing increased to 12.1% from 10.9% ~ the highest figure since January 2024 when it was 12.5%.