Consumers put £1.2bn on credit cards as borrowing hits highest level since 2004

Posted: 30 January 2023 3:41 pm

Credit card borrowing

Fears grow that the cost of living crisis is driving households into debt for essentials

Borrowing in the UK reached £1.5bn in November 2022: a jump from £700m in October and the highest monthly level since 2004, recent figures reveal.

Bank of England data shows individuals borrowed £1.5bn across all consumer credit, with £1.2bn of it on credit cards.

“The continued rise in net borrowing suggests mounting inflationary pressures are forcing people to turn to credit to get by,” says debt charity StepChange.

The charity adds that the cost of living is the number 1 driver of debt among its new clients, with more than 1 in 5 (21%) giving this as their main reason for contacting the charity.

Concerned about your credit card debt?

If you’re paying high interest rates on a credit card, find out whether you might benefit from a debt consolidation loan, or a balance transfer card, and read our guide to dealing with debt.

Before applying for loans or credit, it’s sensible to check your credit score. You can do this for free via Finder.

You can get free advice on debt and the cost of living through the free, impartial money advice service MoneyHelper.

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