13th February 2023 - Credit Connect

Households need an extra £203 per month to cope with April bill increases

13th February 2023 Arrears and Recoveries | #household bills

Households expect to need more than £200 extra per month to cover the increase in bills set to take place in April, according to Comparethemarket.com’s latest Money Action Index. The index tracks the proportion of households who are concerned about the rising cost of living and are taking action to get their finances under control. The latest index…

Credit card fraud hits ten year high

13th February 2023 Consumer Lending | #credit card fraud

Credit card application fraud rose to its highest-ever recorded level in 2022, new analysis from Experian reveals. Credit card application fraud rose by 18% in the last quarter of 2022, with fraudsters looking to take advantage of people’s Personally Identifiable Information (PII) and take out credit and borrowing in their name. The rise means the…

Bank of mum and dad drives increasing economic inequalities in early adulthood

13th February 2023 Alternative Consumer Lending | #bank

New research by Institute for Fiscal Studies (IFS) has found that billions of pounds loaned by the ‘bank of mum and dad’ to help with property purchases and to boost the finances of newly married offspring are helping to fuel rising levels of inequality. The research found that £17 billion is gifted or loaned informally…

Energy companies halt forced installation of prepayment meters

13th February 2023 Consumer Collections | #energy regulation

Following Energy Security Secretary Grant Shapps’ intervention last week, all energy suppliers have now committed to ending the forced installation of prepayment meters in vulnerable customers’ homes. Concerns were raised about the sharp rise in companies seeking warrants to enter people’s homes to forcibly install prepayment meters, Mr Shapps wrote to energy bosses insisting they…

Open Banking payments transactions predicted to exceed $330bn by 2027

13th February 2023 Consumer Lending | #open banking

A new study from Juniper Research has found that global Open Banking payments transaction values will exceed $330 billion globally by 2027; up from $57 billion in 2023. Juniper predicts that the development of new use cases, such as bill payments via Open Banking, will drive adoption, given Open Banking’s simplicity of use versus alternatives,…

Pub and bar company insolvencies increase by 83%

13th February 2023 Business | #pub and bar insolvencies

The number of pubs and bar insolvencies soared last year, with the sector hit by rising costs and falling sales according to research by UHY Hacker Young. Insolvencies of pub and bar companies have increased by 83% in the past year, from 280 in 2020/21 to 512. Energy prices have soared and hit pub companies’…

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