Britons slow credit card spending and increase savings –for now

Debt charities expect borrowing levels to rise more sharply in spring as cost of living crisis bites

Borrowing on credit cards and short-term loans slowed in January to its lowest growth rate since September 2021 as the Omicron variant discouraged consumers from venturing out to shops, restaurants and bars.

Data from the Bank of England showed a net increase of 600m in consumer credit lending in January, a drop from an increase in December of 800m and 1.2bn in November.