UK credit card borrowing rises at fastest annual rate for 17 years

Annual growth for credit card borrowing hit 11.6% in April

Credit card borrowing is rising at its fastest annual rate in 17 years, the Bank of England said on Tuesday, with analysts warning a recession looks increasingly likely as growing numbers of households go into debt to make ends meet.

The annual growth rate for credit card borrowing hit 11.6% in April - the highest figure since November 2005. The rate for all consumer credit increased to 5.7% in April from 5.2% in March, rising faster than at any time since just before the pandemic.