UK credit card borrowing rises at fastest rate in 17 years

Spike in inflation and threat of rising energy prices likely to add to cost of living crisis, say analysts

Credit card borrowing jumped in June at its fastest annual rate in 17 years as struggling households appeared to rely on extra borrowing to cope with the escalating cost of living.

Credit card borrowing rose by 740m month on month, 13% higher than the year before, according to Bank of England figures that showed the biggest year on year rise since October 2005.