In October 2024, net consumer credit in the United Kingdom increased by £1.1 billion, the smallest rise in four months.
UK consumer credit grows the least in four months
This was a slight decline from the £1.2 billion increase in September and below market expectations of £1.3 billion. Within this, net borrowing through other forms of consumer credit, such as car dealership financing and personal loans, dropped to £0.6 billion from £0.8 billion in September. This was partially offset by a rise in net borrowing through credit cards, which increased to £0.5 billion from £0.4 billion during the same period.
Further details
The annual growth rate for total consumer credit edged down to 7.3% in October, from 7.5% in September. Over the same time frame, the annual growth rate for credit card borrowing held steady at 9.5%, while the growth rate for other types of consumer credit fell to 6.3% from 6.6%.
