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| The chart that shows we put more on our credit cards in March than in any month in 11 years | The chart that shows we put more on our credit cards in March than in any month in 11 years |
| (1 day later) | |
| The latest personal borrowing figures from the Bank of England published this morning show that the British public's desire for unsecured credit continues to surge. | The latest personal borrowing figures from the Bank of England published this morning show that the British public's desire for unsecured credit continues to surge. |
| We put £635m on our credit cards in March – more than in any single month since March 2005: | We put £635m on our credit cards in March – more than in any single month since March 2005: |
| We shouldn't, of course, put too much emphasis on a single month's figures. But the 12 month comparison of the level of credit card debt is showing a similar story. In March 2016 it was rising at an annual rate of 7.4 per cent, the fastest in seven years. And the growth rate has been steadily climbing since 2012: | We shouldn't, of course, put too much emphasis on a single month's figures. But the 12 month comparison of the level of credit card debt is showing a similar story. In March 2016 it was rising at an annual rate of 7.4 per cent, the fastest in seven years. And the growth rate has been steadily climbing since 2012: |
| It's not just credit cards. We're also loading up on car purchase loans and other personal loans. Indeed, consumer credit – which is all personal borrowing excluding mortgages for house purchases and student loans - jumped by £1.9bn in March. That's the biggest monthly increase in 11 years: | It's not just credit cards. We're also loading up on car purchase loans and other personal loans. Indeed, consumer credit – which is all personal borrowing excluding mortgages for house purchases and student loans - jumped by £1.9bn in March. That's the biggest monthly increase in 11 years: |
| The annual growth rate is now 9.7 per cent, the highest since November 2005: | The annual growth rate is now 9.7 per cent, the highest since November 2005: |
| “March’s jump in consumer credit is bound to fuel concern that consumers are borrowing more and saving less to finance their spending,” said Howard Archer of IHS Global Insight. | “March’s jump in consumer credit is bound to fuel concern that consumers are borrowing more and saving less to finance their spending,” said Howard Archer of IHS Global Insight. |
| The Treasury's official forecaster, the Office for Budget Responsibilty, sees household unsecured growth rising rapidly over the next four years to around 30 per cent of GDP, roughly equal to the levels seen on the eve of the last recession. |