Bank of England flags concerns over longer mortgages and rise in credit card use

UK central bank’s financial policy committee says borrowing trends could lead to debt troubles in near future and longer term

Consumers are taking longer mortgages and spending more on credit cards in an attempt to adapt to higher interest rates and living costs, meaning they could face greater debt troubles in future, the Bank of England has said.

The central bank’s financial policy committee (FPC), which keeps tabs on the health of the UK financial system, has seen evidence over the last three months that some households are increasingly relying on credit cards to make ends meet.