The amount UK consumers owe on loans and credit cards grew by £1.9bn in March, the highest figure in 11 years driven by a sharp rise in spending on plastic.
Bank of England figures show outstanding borrowing on credit cards increased by £635m over the month, compared with an average increase of £400m over the previous six months. The figure is the highest since March 2005, and more than three times the increase recorded the previous month.
Borrowing through personal loans and overdrafts rose by £1.2bn over the same period, up from an average of £1bn. The annual rate of growth rose to 9.7% during the month, while comparing the last three months with the same period of 2015 shows unsecured borrowing has grown by 11.6%.
The combined in…
Read the full article at: http://www.theguardian.com/money/2016/apr/29/credit-card-borrowing-surges-to-11-year-high-in-march