UK credit card debt falls as consumer spending falls

4th January 2020 / NewsBits
  • UK consumers have made net repayments on their credit cards for the first time in almost seven years, as households across the country rein spending in and rebuild their finances after a boom in borrowing.
  • The Bank of England reported the first monthly fall in credit card debts since July 2013, after borrowers repaid around £100m in November to reflect fading demand for consumer credit.
  • The annual growth rate in unsecured consumer lending dropped to 5.7% from 6.1% in October, as households limited their spending on credit cards and cut back on finance deals to purchase a new car.
  • Mirroring a slowdown in consumer spending over recent months, the total amount borrowed in November dipped to £600m, marking the weakest monthly growth in borrowing in six years, and sliding below a £1.1bn monthly average since July 2018.

Source: Bank of England


At a time when reporting the truth is critical, your support is essential in protecting it.
Find out how

The European Financial Review

European financial review Logo

The European Financial Review is the leading financial intelligence magazine read widely by financial experts and the wider business community.