UK credit card debt soaring ...News

Russia Today - Economy
UK credit card debt soaring
source : Russia Today ( News ) () 14
Borrowing rises to the highest level since 2005 Credit card borrowing in the UK in April rose at the fastest annual rate in nearly two decades, according to data released by the Bank of England on Tuesday. The regulator says that spending on cards was 11.6% higher than last April, marking the biggest increase since November 2005, while overall consumer credit rose by 5.7% year-on-year, the fastest growth since February 2020. The housing market meanwhile has slowed, with people taking up fewer mortgages, and approvals for house purchases decreasing. “It shows the economic storm clouds are getting darker by the day.

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