Booming Credit Card Borrowing Another Warning Light on the Dashboard

Responding to this morning’s Bank of England Money and Credit Data for November 2022 showing that additional monthly credit card borrowing reached its highest level since March 2004, Heidi Chow, Executive Director at Debt Justice said:

“Booming credit card borrowing at a time of falling incomes and rising living costs is another warning light on the dashboard that people are becoming more dependent on expensive credit to make ends meet.

Instead of ignoring the signs of a spiraling household debt crisis, the government must take urgent action to write off unsustainable levels of household debt”

For more information contact Joe Cox on 0779688448