Consumer credit set to rise by 3.1%

Press Association
Close-up picture of a credit cards as a background.
Close-up picture of a credit cards as a background.

%VIRTUAL-SkimlinksPromo%Consumer credit is expected to swell to £164 billion this year as demand for credit card borrowing and retail finance grows, according to a report today.

The EY Item Club forecast for financial services predicts it will increase by 3.1%, after a rise of just 0.8% in 2013.