Increase in consumer credit borrowing may indicate Christmas debt struggles to come
5 January 2026
New Money and Credit figures published today by the Bank of England show net borrowing of consumer credit by individuals increased to £2.1 billion in November from £1.7 billion in October. StepChange Debt Charity says this could indicate people borrowing more in the lead up to Christmas and if anyone is struggling to repay festive debt, to reach out to get free and impartial debt advice.
Simon Trevethick, Head of Communications at StepChange Debt Charity, said:
"For many households, the increase in consumer credit borrowing in November may reflect the reality that everyday costs are becoming harder to manage without turning to credit. The increase could also indicate people borrowing more in preparation for the festive period - our own polling found that 14 million people would struggle to afford Christmas.
"While some people will be able to repay any additional borrowing, others risk carrying balances into the new year and beyond. No one should feel they have to cope with problem debt on their own. Free, impartial debt advice is available, and speaking to a charity like StepChange early can make a real difference, helping people stabilise their finances, understand their options, and regain control."
Notes to Editors
- The Bank of England's Money and Credit stats can be found here.