Consumer spending grew 13.3% in September

13th October 2021 Banking and Loans | #spend

Consumer card spending grew 13.3 per cent in September compared to the same period in 2019, as consumers enjoyed the last of the summer sun. However, ongoing supply chain shortages and rising food and energy prices have hampered consumer confidence. Data from Barclaycard has revealed that spending on essential items increased 14.4 per cent –…

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Small businesses face risk of high indebtedness

13th October 2021 Business Lending | #business debt

The number of heavily indebted small businesses rose considerably over the course of the pandemic, the Bank of England has warned. Analysis by the Bank’s Financial Policy Committee has shown that debt taken on by SMEs rose by a quarter, with many companies which had not previously borrowed going into the red for the first…

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Over half of credit providers planning to implement Open Banking this year

13th October 2021 Consumer Collections | #open banking

Over half (55%) of UK credit providers plan to implement Open Banking in 2021, with 93% of those businesses expecting to do so in the next 12 months, according to the latest Open Banking Research Report by credit reference agency, Equifax. With the pandemic accelerating consumer adoption of new technologies, and more digital data available…

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84% of small businesses suffer from late payments

Late payments are threatening the survival of small businesses across the UK, according to findings from new QR-code payment and invoicing app, Tomato pay. The research has found that 84% of small businesses suffer from late payments. One in eight (12%) wait more than 60 days on average for an invoice to be paid, while…

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Card spending figures show that financial confidence remains strong

13th October 2021 Banking and Loans | #credit cards

Latest card spending figures from global analytics software provider FICO has indicated that the summer holidays and continued reliance on pandemic savings probably contributed to a growth in average spending on cards. The analysis shows that the average spend on credit cards increased £23 to £711 in August 2021. This is the highest level since…

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