After the Bank of England base rate held at 0.1% between March 2020 and December 2021, which was the lowest level in a decade, it has gradually increased throughout 2022, due to inflation being significantly above the target.
After a dynamic performance by card lending for two consecutive years in 2021 and 2022, consumer credit is expected to continue to increase over the forecast period, both in terms of gross lending and outstanding balance. However, it is unclear how long geopolitical instability and the uncertainty it causes on the economic environment will last, yet there are predictions for inflation to worsen in 2023.
There was no regulation in place for short-term credit in the UK at the end of the review period. However, in line with the booming demand for BNPL, concerns over the risk of unsustainable consumer debt levels are rising.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in United Kingdom with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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