LONDON—Credit card borrowing in the United Kingdom rose significantly in November to its highest monthly level since 2004, amid mounting pressure on households from the cost of living crisis.
The data is similar to that being reported in the United States where inflation has led an increasing number of consumers to turn to credit cards for purchases.
The latest snapshot from the Bank of England showed individuals borrowed an additional £1.5 billion in all forms of consumer credit, of which £1.2 billion was on credit cards, The Guardian reported.
“Coinciding with the beginning of the Christmas shopping period and rising energy bills, the jump from October’s £700 million in unsecured borrowing prompted concerns among anti-poverty charities that some people were turning to expensive forms of credit to make ends meet,” The Guardian said.
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