UK consumer credit growth slows to £1.2B in September

In the United Kingdom, net consumer credit increased by £1.2 billion in September 2024, marking the smallest rise in three months.

UK consumer credit growth slows to £1.2B in September

This follows an upwardly revised £1.4 billion increase in August and fell short of market expectations of £1.3 billion. Within this, net credit card borrowing declined to £0.4 billion in September from £0.5 billion in August, while borrowing through other forms of consumer credit, including car financing and personal loans, decreased from £0.9 billion to £0.8 billion. The annual growth rate for overall consumer credit edged down to 7.5% in September from 7.7% in August. During the same period, the annual growth rate for credit card borrowing fell from 10.0% to 9.5%, while the growth rate for other consumer credit forms remained steady at 6.6%.