UK Consumer Credit Growth Tops Forecasts

Net borrowing of consumer credit by individuals in the UK rose to £1.9 billion in February 2026, compared to the upwardly revised £1.8 billion in January and above forecasts of a £1.6 billion advance. It was the highest reading since last November, slightly above the six-month average of £1.8 billion. Net borrowing through other forms of consumer credit, such as car dealership finance and personal loans, increased to £1.2 billion in February, up from £0.9 billion in January. Meanwhile, net borrowing through credit cards was £0.8 billion in February, down from £0.9 billion in January. The annual growth rate for all consumer credit increased to 8.5% in February from 8.3% in January. Over the same period, the annual growth rate for credit card borrowing decreased to 12.1% from 12.3%, and the annual growth rate for other forms of consumer credit increased to 6.9% from 6.6%.

Net borrowing of consumer credit by individuals in the UK rose to £1.81 billion in January 2026, from the upwardly revised £1.65 billion in December and above market forecasts of £1.7 billion and consistent with the six-month trend. Net borrowing through credit cards was £0.9 billion in January, up from £0.8 billion in December. The annual growth rate for all consumer credit remained unchanged at 8.3% in January. Over the same period, the annual growth rate for credit card borrowing decreased to 12.3% from 12.4%, and the annual growth rate for other forms of consumer credit increased to 6.5% from 6.4%.

Net borrowing of consumer credit by individuals in the UK fell to £1.52 billion in December 2025, the lowest in three months, from the upwardly revised £2.14 billion in November and below market forecasts of £1.7 billion. Net borrowing on credit cards decreased to £0.7 billion from £1.0 billion in November. Similarly, net borrowing through other forms of consumer credit, including car dealership finance and personal loans, declined to £0.8 billion in December from £1.2 billion the previous month. The annual growth rate for total consumer credit remained steady at 8.2% in December. Meanwhile, the annual growth rate for credit card borrowing rose to 12.4% from 12.1%, marking the highest level since January 2024 at 12.5%. The annual growth rate for other forms of consumer credit held steady at 6.4%, the highest since September 2024 at 6.6%.