Consumer credit borrowing increases at fastest annual rate in five years
Households’ borrowing using consumer credit increased to its highest annual growth rate in five years in November 2023, according to Bank of England figures.
The annual growth rate for consumer credit was 8.6% in November, the highest rate since September 2018, the Bank’s Money and Credit report said.
Consumer credit includes borrowing using methods such as credit cards, personal loans and car finance.
The Bank
