15th July 2022 - Credit Connect

Half of struggling families have no spending money after monthly bills

15th July 2022 Arrears and Recoveries | #cost of living

New research from national poverty charity, Turn2us, has highlighted the impact of soaring living costs as almost half its users (47%) report being left with nothing to live on each week after paying housing, council tax and utility bills. The survey, completed by 2,730 of the charity’s service users, found that the same group of…

One in four families set to receive first cost of living payment

15th July 2022 Consumer Collections | #cost of living

Almost one in four families across England, Wales, Scotland and Northern Ireland are set to receive £326 the Government’s first cost of living payment today which will be sent directly to them with the second instalment of £324 sent later this year as part of the government’s £37 billion support package. Over eight million households…

Debt charity supported half a million people in 2021

15th July 2022 Consumer Collections |

StepChange debt charity guided, advised or supported more than half a million people last year, according to the charity’s impact report for 2021. The support included providing full debt advice to over 157,000 people, helping clients to repay more than £402 million of debt, and seeing over 24,000 people becoming free from problem debt with…

Benefit cuts increase relative child poverty rates

15th July 2022 Consumer Collections |

Benefit cuts have pushed up relative child poverty in the years running up to the pandemic, measured as living in a household with incomes below 60% of median income. However, based on asking their families whether they could afford essentials, the share of children in material deprivation fell by a quarter, from 24% in 2013…

Private rental costs hit record highs

15th July 2022 Consumer Collections | #renting

Average private rents in Britain have hit record highs, jumping by more than 20% in some areas. Data from Rightmove shows that the average advertised rent outside London is 11.8% higher than a year ago, while in the capital it is up by 15.8%. Between April and June the average advertised asking rent outside London…

Consumers cut back spending as inflation hits household budgets

15th July 2022 Arrears and Recoveries | #spend

Research by EY shows that consumers are cutting back their spending as inflation hits household budgets. Over a third (37%) of low and middle-income consumers are now only buying essential items, with this an increase of 11% compared to February, while 32% have switched to cheaper brands to try and save money. While almost half…

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