Annual growth of credit card borrowing reached 12.1%, the highest since January 2024

Annual growth in credit card borrowing rose to 12.1% in November 2025, up from 10.9% in October, according to the Bank of England's Money and Credit release published on 5 January 2026¹. The Bank said this was the highest rate since January 2024, when it stood at 12.5%¹.

The figures cover borrowing by individuals. Net borrowing through credit cards was £1.0 billion in November, up from £0.7 billion in October¹. Net borrowing of consumer credit overall, which includes credit cards, personal loans and car dealership finance, increased to £2.1 billion from £1.7 billion over the same period¹. Annual growth in all consumer credit rose to 8.1% from 7.5%, while growth in other forms of consumer credit rose to 6.3% from 6.0%, the highest since September 2024¹.

The effective interest rate on interest-charging credit cards increased to 21.60% in November from 21.54% in October¹. The effective rate on new personal loans rose for the fourth consecutive month, to 8.68% from 8.39%, and the rate on interest-charging overdrafts fell by 21 basis points to 21.57%¹.

Mortgage borrowing also rose. Net borrowing of mortgage debt by individuals increased to £4.5 billion in November, following a decrease of £1.0 billion to £4.2 billion in October¹. Net mortgage approvals for house purchase, an indicator of future borrowing, fell by 500 to 64,500, while approvals for remortgaging with a different lender rose by 3,200 to 36,600¹. The effective interest rate on newly drawn mortgages increased for the first time since February 2025, to 4.20% in November from 4.17% in October¹.

Source: Bank of England, Money and Credit, November 2025¹

Households deposited an additional £8.1 billion with banks and building societies in November, up from £6.7 billion in October, driven by £7.0 billion into interest-bearing sight deposit accounts, £5.1 billion into ISAs and £2.1 billion into non-interest bearing accounts, partly offset by £1.2 billion of withdrawals from interest-bearing time deposits¹. The effective interest rate on individuals' new time deposits fell to 3.81% from 3.84%, and the rate on the outstanding stock of sight deposits fell to 1.75% from 1.77%¹.

Why it matters for households

The credit card growth rate measures how much the total amount owed on cards has grown over the year, so a rise to 12.1% means card balances across UK households are expanding faster than at any point since January 2024¹. The Bank's figures also show the average effective rate charged on interest-bearing card balances at 21.60% in November, up slightly on October¹. Households carrying a balance therefore face both a larger stock of debt across the country and a marginally higher rate on it. How that affects an individual's credit file depends on their own repayments and balances, which these aggregate figures do not show.

For mortgage holders, the effective rate on newly drawn mortgages rose to 4.20%, the first increase since February 2025, while the rate on the outstanding stock of mortgages was 3.90%¹. Approvals for house purchase fell slightly, while remortgaging approvals rose¹. Savers saw the rate on new time deposits ease to 3.81% and the rate on the outstanding stock of sight deposits fall to 1.75%¹.

What happens next

The Bank of England's next Money and Credit release is due on 30 January 2026¹. It will cover December 2025 and show whether the credit card growth rate has continued above its October level. No further detail on the drivers of the November increase, such as how borrowing is split between new spending and interest, has been reported in the release¹.