UK consumers ramp up credit card debt and save less despite Covid crisis

Borrowing on credit cards reached highest level in more than a year in November, says Bank of England

Consumer borrowing on credit cards jumped to its highest level in more than a year in November, pushing all forms of household unsecured credit to 1.2bn, according to the latest Bank of England data.

The increase in reliance on loans and credit cards exceeded City forecasts of a 0.8bn rise and beat the 0.6bn average of the previous six months.