"While consumer credit growth has come modestly off its peak levels, it remains too high for comfort and the Bank of England will likely be disappointed it has been pretty sticky in recent months", said Howard Archer of the EY Item Club.
The UK is growing at half the rate recorded in the U.S. for the year to September, at 1.5%, while growth is expected to trail Italy, France and Germany next year.
The Bank's latest data also showed that there were 66,232 new mortgages for house purchases in September, down from the 67,232 in the previous month and below the 66,867 average of the previous six months, reinforcing the picture of a slowing residential property market in the wake of the Brexit vote in 2016.
Consumer credit increased by GBP 1.6 billion after rising GBP 1.8 billion in August.
Nationwide director of mortgages Henry Jordan said: "As the likelihood of a rise in the Bank of England Base Rate increases, mortgage holders will be considering their options".
BoE Deputy Governor Sam Woods told Reuters at the start of the month that a figure of 10,000 job losses in a Reuters survey of banks' plans was a reasonable estimate of the initial impact of leaving the EU. Similar to families facing a higher cost of living on the high street, companies have faced steeper prices for materials, eroding profitability.
"However, it's important to remember that a rise won't bring us back to the higher interest rates of the past just yet". Raising interest rates would remove support for firms from cheap loans, potentially compounding the problem.
On Thursday, the central bank is expected to raise its main interest rate by a quarter percentage point from the record low of 0.25%. City analysts viewed this as confirmation enough for an increase this week.
They see its first interest rate rise in a decade giving the MPC some wriggle room to cut rates again should the economy sink sharply.