Consumer credit grew by £1.1bn in April

Latest Bank of England data has shown that net borrowing of consumer credit was £1.6 billion in April, up from £1.1 billion in the previous month. Within this, net borrowing through credit cards increased to £0.8 billion in April, from £0.4 billion in March.

Net borrowing through other forms of consumer credit increased slightly to £0.8 billion, from £0.7 billion over the same period.

Richard Pinch, Senior Director of Risk at Broadstone said “Consumer credit borrowing saw notable growth through ‘Awful April’ with credit card spending belying the rise in many household bills throughout the month. Households appear to be financially resilient and are clearly taking a wider view of the current macroeconomic uncertainty.”