British credit card borrowing soars as cost-of-living squeeze tightens

Bank of England data shows that credit card debt surged 11.6% in a month, while overall consumer credit has risen by 5.7% 

British finance minister Rishi Sunak announcing £15bn of added supports for households last week. Picture: PA

Credit card borrowing in Britain rose last month at the fastest annual rate since 2005, possibly reflecting a worsening cost-of-living squeeze that may now be starting to slow the housing market, new Bank of England data suggested.

The bank said credit card borrowing was 11.6% higher than in April 2021, marking the biggest increase since November 2005.