Consumer borrowing on credit cards, loans and overdrafts is growing at its fastest rate since before the financial crisis, figures from the Bank of England show.
Unsecured consumer credit was up by 8.3% in the 12 months to November 2015, the Bank’s figures show, with consumers borrowing an additional £1.5bn in November, compared to an average increase of £1.2bn over the previous six months. The figure was the highest monthly rise since February 2008, and the ninth month running that it has been in excess of £1bn.
Borrowing on credit cards rose by £411m, up from £271m in October, while debt on personal loans and overdrafts increased by £1.1bn over the month.
The figures, which are likely to stoke concerns about household finances, show the annual increase in consumer credit is at its highest level since February 2006, before the financial crisis began.
