The UK's average credit card debt per household grew by *** British pounds between December 2021 and December 2022, the first increase since 2020. Standing at ***** British pounds at December 2022, the figure contrasts with the decline in 2020 – when the debt declined from ***** British pounds to ***** British pounds. That particular drop was likely a result of Covid-19's economic impact, and consumers trying to get rid of their credit card debt. The increase in 2022 may be caused by growing interest rates and the cost of living crisis beginning to take shape.

Young people in the United Kingdom had on average a higher monthly debt from buy now, pay later services than older consumers. Consumers between 18 and 24 years old had the highest volume of debt from buy now, pay later (BNPL) in 2022. Meanwhile, the orders by BNPL users from 45 to 54 years of age amounted to *** British pounds on average.