Credit card borrowing slowed in September—but balances are still growing
September 2026 data · Bank of England release: 29 October 2026
UK credit card borrowing grew more slowly in September than in August, according to the Bank of England. That is a change in the pace of borrowing, rather than evidence that outstanding card debt has started falling.
What the release says
Net borrowing through credit cards was £0.7 billion in September, down from £1.3 billion in August. The annual growth rate of credit card borrowing edged down from 13.3% to 13.1%.
The same release put the effective rate on interest-charging credit cards at 21.71%, compared with 21.55% in August. These figures were published on 29 October 2026 and describe September, not spending happening today.
“Net borrowing” is not the total spent on cards
Think of net borrowing as looking at money borrowed alongside money repaid. It is different from adding up every card purchase.
For a simplified illustration, if borrowing were £10 and repayments £8, the difference would be £2. If the next period’s difference were £1, the increase would be smaller, but it would still be an increase. That is the distinction behind a headline about borrowing slowing. These small figures explain the idea; they are not extra Bank of England data.
An average cannot tell you your own rate
The effective rate describes the interest-charging balances covered by the Bank’s measure. It is not a representative APR quoted for a new application, and it is not the rate on every card.
For your own account, find the rate that applies to your balance on your statement. If some of it is on a 0% promotion and some is ordinary spending, start by separating those amounts rather than comparing the headline average with the whole bill.
A useful way to look at your next statement
Put two statements side by side. Note the opening balance, new spending, payments and interest. You do not need to make your finances resemble a national trend; you need to understand what moved your own balance.
If you want to explore a repayment change, try your current payment and another affordable amount in the calculator. The result is an estimate under its stated assumptions, not a forecast from the Bank of England.
Sources & further reading
Sources checked on 3 November 2026. Examples are illustrative unless identified as reported figures or a provider’s terms. General information, not personal financial advice.