Debit card spending in the UK reached a record high of £59.1 billion in July, data published by UK Finance has revealed. Spending was up almost a fifth (17.9 per cent) compared to the previous month and an increase of 9.4 per cent compared to July last year. Credit card spending in July amounted to…

A new independent report, which contains 13 recommendations to address the urgent financial wellbeing implications of the Covid-19 pandemic, has been released by the Challenge Chairs who advise the Money and Pensions Service (MaPS) on the UK Strategy for Financial Wellbeing. These recommendations, which include immediate actions, such as help with credit for people coming…

The Credit Services Association (CSA) has urged its members to increase dialogue and support for customers in wake of a tough economic environment. The trade body says that regional and local lockdowns have now added to an already difficult economic environment increasing the burden of customers committed to keeping up with debt repayments and need…

Under new proposals being drawn up by the government, large companies could now face fines or court orders if they fail to pay their smaller suppliers on time. However, according to Know-it, a cloud-based credit management platform, while the changes are welcome and will provide the small and medium-sized enterprise (SME) sector with some much-needed…

More than 800,000 households could be automatically switched onto more expensive ‘default’ energy tariffs in the last three months of 2020 if they do not switch tariff or provider when their deal comes to an end. In October, November and December 2020, there are 469 fixed energy tariffs coming to an end, according to new…

European leader credit management specialist Lowell has provided a preliminary trading update for the quarter ending 30th September 2020 which indicates resilient collections figures. The results indicate that collections activity and performance has improved after a pause during the initial stage of the pandemic. The business saw a cash EBITDA increase of 9%, compared to…

Nearly two in five (38%) retirees aged 54 and over say their monthly expenditure exceeds their household’s income, either on an occasional or regular basis according to new research from equity release lender more2life and economics consultancy Cebr The research also indicated that a third (33%) of women aged over 54 who have taken on or held…