Credit card borrowing falls as consumers feel squeeze Consumers cut back on credit card borrowing in May, according to figures from the Bank of England. Consumer borrowing fell to a four-month low of £800m in May, from £1.4bn in April, with May’s total also below the pre-pandemic average of £1bn. Analysis shows that credit card loans accounted for £400m of the total. The average interest rate on personal loans fell to 6.49% in May. Rates on credit cards rose to 18.38% from 18.08% in April. The data also shows that mortgage approvals rose to 66,200 in May from 66,100 in the previous month, showing that demand remains strong. Overall mortgage borrowing was at £7.4bn, up from £4.2bn in April and above pre-pandemic averages.