Multiple reports say the Bank of England’s latest measure of default rates on “unsecured” borrowing has risen to its highest level since 2009. The gauge, cited by both outlets, tracks the default rate associated with lending without collateral, which includes credit cards and other unsecured consumer credit. The reports link the increase to mounting financial pressure on British households, describing a squeeze on household budgets as people struggle to meet ongoing expenses.
While both sources focus on credit card defaults, they rely on the same underlying Bank of England statistic, which shows the default measure is now at the highest point in the period since 2009. The reports do not provide additional breakdowns—such as by region, borrower type, or specific product category—beyond referencing the broad unsecured borrowing measure. Overall, the common theme is that the worsening default rate indicator signals increased strain in the consumer credit market, based on the central bank’s data.
