UK Consumer Credit Growth Up In July

Net consumer credit in the United Kingdom increased by £1.2 billion in July 2024, up from a downwardly revised £0.9 billion in June, falling short of market expectations of £1.3 billion.

Within this, net borrowing through credit cards remained stable at £0.5 billion in July, while net borrowing through other forms of consumer credit, such as car dealership finance and personal loans, increased to £0.7 billion, from £0.4 billion in June.

The annual growth rate for all consumer credit was little changed at 7.8% in July.

The annual growth rate for credit card borrowing fell to 10.3% in July from 10.5% in June, while the annual growth rate for other forms of consumer credit remained stable at 6.7% in July.