Why are Britons maxing out on credit?
REPORT
29 Jan 2024
Why are Britons maxing out on credit?

New data from the Bank of England shows that UK consumer credit borrowing grew at the fastest rate for five years in November. Elsewhere, there is evidence that more Britons are turning to credit cards to pay for essentials such as food. What’s behind this uptick in borrowing?

Brean Horne

Brean is a personal finance expert dedicated to helping people understand the (often) confusing world of finance. From managing the cost of living crisis, money-saving tips, insurance and investing to credit scores, homebuying, managing debt and scams, she covers a wide range of personal finance topics. Working with consumer finance platforms including Forbes Advisor, NerdWallet, Which?, and Moneywise, she has written news, features and advice guides as well as produced podcasts and videos to help people better understand their finances. She has also written for The Motley Fool and Citywire.

Ian Dempsey

Ian Dempsey is an independent financial advisor who has been working with clients since 2006. He is also a member of the board of trustees of men’s mental health charity MANUP?

Alex King

Alex King is a personal finance expert and the founder of Generation Money, a finance and investing site. He began FX trading at 18 before graduating from the London School of Economics with a degree in management. He then worked in financial services for a decade, becoming a chartered accountant (ACA) and a vice president at Barclays. Now, King focuses on his passion for helping people to make better financial decisions and to achieve their financial goals. His expertise includes Gen Z's financial concerns, Gen Y's work-life culture, and the impact of fiscal and monetary policy on personal finance.

Sarah Drumm

Sarah Drumm is a freelance journalist covering small businesses, start-ups, and new consumer brands. She is a contributor to Canvas8 and published a report on the popularity of direct-to-consumer brand communities for Thingtesting.