The Treasury Committee has launched a new inquiry into household finances. The Committee will take a broad look at the state of UK household balance sheets, including whether households are saving adequately in the current economic environment. It will scrutinise problematic indebtedness, inter-generational issues, lifetime financial planning, and the effectiveness of the market in financing solutions…

The latest results Insolvency statistics from The Insolvency Service for Quarter July to September 2017 (Q3 2017) indicate that total individual insolvencies increased, driven primarily by an increase in individual voluntary arrangements, (IVAs) which reached a record high. Personal insolvencies rose 11% from Q2 to Q3 2017 and are 8% higher than this time last…

UK Finance has published its latest update on lending figures. The figures showed that Economic growth was subdued in the first half of 2017, and estimates of growth in the three months to September are only expected to be slightly higher, at around 0.4%. This compares with 0.3% growth in the first and second quarter…

The Government has announced new plans which would mean people struggling with serious debt may soon benefit from a ‘breathing space’ from their bills. The Government is seeking views as it develops a way to provide individuals in debt with up to six weeks free from further interest, charges and enforcement action. This period would give those affected…

Consumer confidence has rallied in the third quarter of 2017, increasing by three percentage points from Q2 2017 after three consecutive quarters of decline, according a latest Consumer Tracker report by Deloitte. The quarterly survey of 3,000 UK consumers, carried out between 15 and 16 September 2017, saw overall consumer confidence rise to 7% in…

Here is an overview of The Money Charity’s latest statistics for October 2017: Personal debt in the UK People in the UK owed £1.554 trillion at the end of August 2017. This is up from £1.5 trillion at the end of July 2016 – an extra £1029.82 per UK adult. Per adult in the UK that’s an average debt…

Latest figures published by the Money Charity indicate that outstanding debt on mortgages has hit all-time high in the UK. Continued growth in house prices, along with a small decline in the number of outstanding home loans has led to the highest level of mortgage debt per household ever recorded. In its October Money Statistics report,…

The Financial Conduct Authority’s (FCA) has warned of a pronounced build-up of debt among young people. In an interview with the BBC, FCA Chief Andrew Bailey has highlighted the ‘growing debt burden’ on young people. The warning, which follows a tour of visits by Andrew Bailey to debt charities including National Debtline, coincides with new…

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