30th March 2022 - Credit Connect

Cash a crucial part of payments mix

30th March 2022 Commercial Credit Management | #cash

Around ten million people, or one in five adults, would struggle to manage in a society without cash, according to a report from the Royal Society of Arts commissioned by cash machine network Link. The research found that almost half of people believe going cashless would be problematic, and while three in ten think they…

Rise in cost of living pressure impacting debt

30th March 2022 Arrears and Recoveries | #cost of living debt

StepChange Debt Charity’s latest client data report for February has shown a rise in the proportion of people seeking advice who say that cost of living pressure is a reason for their debt. The cost of living was the fourth most common reason last month, cited by around one in nine clients. The Bank of…

Poorest hardest hit by inflation

30th March 2022 Arrears and Recoveries | #inflation

A report from EY Item Club has revealed that the fifth of households on the lowest incomes will be hit the hardest by rising inflation – suffering a 9.6% rise in living costs compared with an average of 8.6% for the richest fifth of households. EY Item Club economists say inflation will peak next month…

Are collections departments ready for the impacts of the cost-of-living crisis?

30th March 2022 Industry opinion |

The cost-of-living crisis has been ramping up and doesn’t show signs of slowing down anytime soon. ‍The impact of rising energy costs, increased inflation and benefits cuts is hitting millions of residents across the UK. With more individuals likely to fall behind on their bills, collections operations will need to ramp up activity in order…

Money Statistics: March 2022

30th March 2022 Arrears and Recoveries | #money statistics

Here is an overview of The Money Charity’s latest statistics for March 2022 Personal debt in the UK People in the UK owed £1,767.1 billion at the end of January 2022. The average total debt per household, including mortgages, was £63,582 and per adult was £33,410, around 107.5% of average earnings. Net mortgage lending rose by…

Credit card borrowing hits record high

30th March 2022 Consumer Lending | #credit #featured

Latest figures from the Bank of England (BoE) has indicated that consumers borrowed a net £1.5 billion on credit cards in February, the highest monthly amount since records began in 1993. The figures showed that lending to consumers rose by the most in nearly five years in February, jumping 90% compared to January. Consumer credit…

LendingMetrics announces new appointments

30th March 2022 Appointments |

Intelligent decisioning technology provider LendingMetrics has announced a number fo new appointments to ensure high delivery standards as its customer base expands. Ben Smith has joined the company as Account Manager; Kelvin Lee as Support Engineer; Ross Tully as Business Development Manager; and Paulo Bordeira De Brito as Developer. Alongside these changes, Craig Jenkins has…

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