Credit card debt rises at fastest rate in 17 years amid living costs crisis

UK collectively added £1.4bn in credit cards and loans during April, writes Ben Chapman

NerdWallet-Millennial-Money-Prevent-Card-Debt (AP)

Credit card debt grew at the fastest rate in 17 years in April, as households turned to borrowing to deal with rapid price rises.

Britons racked up an extra £700m of credit card debt and a further £700m of other loans during April as borrowing grew at an annual rate of 11.6 per cent, the Bank of England reported.

It was the fastest growth since November 2005, when the UK economy was booming in the run-up to the financial crash.