A borrowing BOOM

Credit card borrowing saw its biggest monthly spike in 30 years in February, a clear sign that many people are struggling to cope with the current cost of living crisis. In the UK, we borrowed £1.5 billion on credit cards, the highest monthly amount since records began in 1993, according to data published by the Bank of England.

Typically, a jump in credit card spending suggests shoppers are confident enough in their finances and the wider economy to take on debt. But the present rise in consumer credit is being driven by households turning to borrowing to protect