Credit card debt skyrockets in UK| MENAFN.COM

Wednesday, 10 August 2022 07:55 GMT

Credit card debt skyrockets in UK


(MENAFN) According to figures issued by the Bank of England on Tuesday, credit card borrowing in the United Kingdom increased at the quickest yearly rate in over 20 years in April.

Based on the regulator, card spending increased by 11.6 percent year over year in April, the highest soar since November 2005, whereas overall consumer credit increased by 5.7 percent, the strongest increase since February 2020. Meanwhile, the housing market has stagnated, with fewer individuals taking out mortgages and fewer approvals for home purchases.

According to Andrew Montlake, managing director of Coreco, a United Kingdom-wide mortgage broker, “it shows the economic storm clouds are getting darker by the day. People can take out credit and loans if they are confident, but in this case it’s almost certainly because they are seeking extra cash to cover their bills and put food on their tables”

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