28th October 2022 - Credit Connect

Two-thirds of consumers to cut festive spending this year

28th October 2022 Consumer Collections |

Over two-thirds of adults are planning to cut back on festive spending this year due to a worsening cost of living crisis, according to a survey by Accenture. Despite concerns around Brexit, spending on Christmas purchases is likely to increase in the U.K. this year, with more than a third (37 percent) of consumers planning…

Mortgage lending is expected to rise 4% this year

28th October 2022 Consumer Lending | #mortgages

Mortgage lending is expected to rise 4% this year, following strong demand in the first half of the year, but slow sharply in 2023 with just 0.7% growth due to rising mortgage rates and falling real household incomes, according to the latest EY ITEM Club Outlook for Financial Services. This would be the lowest rate of mortgage…

Business loans predicted to fall 3.5% in 2023

28th October 2022 Alternative Business Lending | #business lending

Business loans are set to fall by 3.5% in 2023 due to a deteriorating economic outlook according to new research by EY ITEM Club. The research found that the figures where a contrast to 2021, when many UK businesses focused on paying back pandemic debt, whilst this year has seen a return to growth in…

Money Statistics: October 2022

28th October 2022 Consumer Collections |

Here is an overview of The Money Charity’s latest statistics for October 2022 Personal debt in the UK People in the UK owed £1,816.1 billion at the end of August 2022. The average total debt per household, including mortgages, was £65,346 and per adult was £34,337, around 107.4% of average earnings. Net mortgage lending rose by…

Paylink Solutions appoints Head of Business Development

28th October 2022 Appointments |

Paylink Solutions has announced that it has appointed Ammer Malik as Head of Business Development. Malik has more than 21 years of experience working in the credit and debt sectors, building, leading and maintaining strategic relationships. He will help deliver Paylink’s new business development strategy. Malik joins Paylink following 14 years at StepChange Debt Charity…

Zombie companies unable to meet borrowing costs rise

28th October 2022 Commercial Credit Management | #zombie companies

Global consultancy partnership Kearney has released new data showing that a rapidly increasing number of businesses have become ‘zombie companies’, namely firms that have been unable to cover interest costs on their borrowing for the past three years, based on their current operating profit. The zombie companies are at imminent risk of insolvency as interest…

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