Figures in the Bank of England’s Money and Credit June 2022 report show that individuals borrowed an additional £1.8 billion in consumer credit in June, on net, following £0.9 billion of borrowing in May.

This is above the 12-month pre-pandemic average up to February 2020 of £1.0 billion. The additional consumer credit borrowing in June was split between £1.0 billion on credit cards, and £0.8 billion through other forms of consumer credit.

The annual growth rate for all consumer credit increased to 6.5% in June; the highest rate since May 2019 (6.5%). The annual growth rate of credit card borrowing was 12.5%, while other forms of consumer credit was 4.1%. These were the highest rates since November 2005 (12.6%) and March 2020 (5.6%) respectively.