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Total credit card debt in the UK grew by 0.5 billion British pounds between July and August 2023, now reaching a similar level of debt as seen in early 2017. The annual growth rate of credit card debt stayed about the same in August 2023, reaching eight percent when compared to August 2022. The growth rate in 2023 has been relatively consistently since May, which may potentially be attributed to growing interest rates and the cost of living crisis.
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