People in the UK have been flashing the plastic in a show of consumer confidence which has brought the cumulative household outstanding debt to £66.2 billion on credit cards.
Unsecured credit boomed in October this year to create a record high, according to data from the Bank of England. Debt rose by £571 million that month, a leap of 10.5%.
This was the greatest surge since October 2005 when the Great Recession did not even appear to loom on the horizon.
Confidence has been underpinned by low inflation rates, high employment and growth in earnings. Inflation, however, is likely to begin to rise if the pound remains weak.
Mortgage lending also increased in October, with lending amounting to almost £20 billion. Analysts believe the boost in lending indicates that the property market is now shrugging off the effects of the April rise in stamp duty and the June Brexit vote, both of which had dented confidence.
The market has been assisted by lower interest rates on mortgage repayments.
