Credit card outstandings continued to rise in November by GBP 396 billion. Year-on-year credit card outstandings (not seasonally adjusted) were up about 8.6%. According to the The Bank of England, net credit card lending rose to GBP 52.9 billion in November from GBP 52.5 billion in the prior month and compared to GBP 48.7 million one-year ago.
The increase in total net lending to individuals in November (GBP 1.5 billion) was higher than the October increase, but below the previous six-month average. The twelve-month growth rate slowed further, to 4.1%, and the three-month annualized growth rate ticked up by 10 basis points to 1.3%. The increase in net consumer credit in November (GBP 0.8 billion) was in line with the October increase, but below the previous six-month average. Net credit card lending and net other loans and advances each rose by about GBP 0.4 billion, both in line with their October increase. The annual growth rate of consumer credit continued to slow, to 5.2%; the three-month annualised growth rate slowed by 0.4 percentage points, to 3.2%.
NOTE: Chart does not include about GBP10 billion from specialist lenders, retailers, and insurance companies. SOURCE: Bank of EnglandDetails