UK Consumer Credit Borrowing Below Forecasts

Net borrowing of consumer credit by UK individuals fell to £1.9 billion in September 2026, down from an upwardly revised £2.7 billion in August and below market expectations of £2.2 billion. The figure also came in below the previous six-month average of £2.1 billion. Credit card borrowing declined to £0.7 billion from £1.3 billion in August, while net borrowing through other forms of consumer credit, including car dealership finance and personal loans, eased to £1.2 billion from £1.4 billion. Despite the monthly slowdown, the annual growth rate of total consumer credit edged up to 9.8% from 9.7%. Credit card borrowing growth moderated to 13.1% from 13.3%, while growth in other consumer credit accelerated slightly to 8.3% from 8.1%.

Net borrowing of consumer credit by individuals in the UK rose to a record £2.5 billion in August 2026 from an upwardly revised £2.1 billion in July and largely beating market forecasts of £1.9 billion. This represented the highest level recorded since data collection began in April 1993, exceeding the previous six-month average of £1.9 billion. Within this, net borrowing through credit cards was £1.2 billion in August, up from £0.9 billion in July. Net borrowing through other forms of consumer credit, such as car dealership finance and personal loans, increased to £1.3 billion, from £1.2 billion over the same period. The annual growth rate for all consumer credit increased slightly to 9.6% in August, from 9.3% in July. Over the same period, the annual growth rate for credit card borrowing increased to 13.3% from 12.6% in July, and the annual growth rate for other forms of consumer credit increased slightly to 7.9%, from 7.7% in July.

Net borrowing of consumer credit by individuals in the UK rose slightly to £2 billion in July 2026 from £1.9 billion in June, overshooting market forecasts of £1.8 billion. It was the highest reading since last November, slightly above the previous 6-month average of £1.9 billion. Within this, net credit card borrowing eased to £0.9 billion in July from £1.0 billion in June, while borrowing through other consumer credit, including car finance and personal loans, increased to £1.1 billion from £0.9 billion. The annual growth rate for all consumer credit inched up to 9.2% in July, from 9.1% in June. Over the same period, the annual growth rate for credit card borrowing remained unchanged at 12.5%, and the annual growth rate for other forms of consumer credit increased slightly to 7.7%, from 7.6% in June.