Consumer credit borrowing soars as households struggle to cope with money worries
UK five pound, ten pound, twenty pound and fifty pound notes with one pound coins, January 26, 2018
HOUSEHOLDS borrowing consumer credit rose to its highest level in five years in November, with more people taking on debt to get through the festive season during the cost-of-living crisis.
Figures released by the Bank of England today found that the annual growth rate for consumer credit was 8.6 per cent, the highest rate since September 2018.
Consumer credit encompasses borrowing using methods such as credit cards, personal loans and car finance.
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