Credit card debt soars as Britons 'borrow £100bn' to tackle cost of living crisis

Credit card borrowing has grown at its own pace the fastest in 17 years as Britons are set to borrow £100billion to tackle the cost of living crisis. The Bank of England's monthly report showed 13% annual growth in credit card borrowing in July this year, its highest since October 2005.
It comes as a survey YouGov has revealed that Britons expect to borrow a huge amount over the coming year, with 40% saying rising fuel, food and energy prices will force them to search some form of credit.
More than a fifth of those who expect to have to borrow - the equivalent of 8% of the entire adult population, or 5, 5 million people, said they would do so to cover day-to-day expenses.
As Goldman Sachs warned inflation could top 22%, Boris Johnson acknowledged Britain was facing to "difficult" months ahead, but said he wanted to offer a "sense of hope and perspective".
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Politics Aug 31, 2022 0 80 Add to Reading List

Credit card debt soars as Britons 'borrow £100bn' to tackle cost of living crisis

Credit card borrowing has grown at its own pace the fastest in 17 years as Britons are set to borrow £100billion to tackle the cost of living crisis. The Bank of England's monthly report showed 13% annual growth in credit card borrowing in July this year, its highest since October 2005.

It comes as a survey YouGov has revealed that Britons expect to borrow a huge amount over the coming year, with 40% saying rising fuel, food and energy prices will force them to search some form of credit.

More than a fifth of those who expect to have to borrow - the equivalent of 8% of the entire adult population, or 5, 5 million people, said they would do so to cover day-to-day expenses.

As Goldman Sachs warned inflation could top 22%, Boris Johnson acknowledged Britain was facing to "difficult" months ahead, but said he wanted to offer a "sense of hope and perspective".

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Edd Kimber: "Pastry is the little luxury we can still afford" -2.38133468 .jpg?quality=75&width=230&auto=webp" alt="UK inflation 'could hit 22% next year' as recession looms" height="56" width="82" layout= "responsive" class="i-amphtml-layout-responsive i-amphtml-layout-size-defined" i-a mphtml-layout="responsive"/>UK inflation 'could hit 22% next year' as recession looms