Credit card borrowing grows at fastest annual rate in nearly two years
How UK credit card borrowing reached a two-year high before Christmas
- Credit borrowing, particularly credit card debt, saw its fastest annual growth in nearly two years in November, reaching 8.1 per cent overall up from 7.5 per cent the month before.
- The annual growth rate for credit card borrowing increased to 12.1 per cent from 10.9 per cent – the highest figure since January 2024 when it was 12.5 per cent.
- The figures raise concerns about households managing everyday costs.
- However, many households also increased their savings, depositing an additional £8.1 billion into banks and building societies in November, with £5.1 billion going into ISAs.
- Mortgage approvals for house purchases slightly decreased in November, while remortgaging approvals rose, with experts predicting increased market activity in early 2026 due to easing rates.