26th June 2023 - Credit Connect

Consumer confidence remains resilient

26th June 2023 Consumer Collections |

New figures from GfK’s consumer confidence index have shown consumer confidence strengthened more than anticipated, reaching its strongest level in 17 months despite persistently high inflation and rising interest rates. The research reported a rise of 3 points to minus 24 in June. Analysts had expected a reading of minus 26. The report indicates households…

One in six will still be paying their mortgage after they hit 65

26th June 2023 Consumer Collections | #mortgage repayments

More than one in six people expect to be over the age of 65 by the time they repay their mortgage (17%). Almost one in ten expect to be over 70 – or never to pay it off (9%) according to new research conducted by Opinium for Hargreaves Lansdown. Among those who were aged 55…

Six in ten small firms aim is to stay afloat

26th June 2023 Commercial Credit Management | #risk

Research by PayPal found that six in te small business owners are worried about staying afloat. The Business of Change 2023 report surveyed 500 British SME owners and decision makers, with 43% believing adaptability is critical to success. The report found that having a presence on online marketplaces, selling via social media, reducing systems and…

Global online payment fraud costs to exceed $362bn in next 5 years

26th June 2023 Consumer Lending | #payment farud

A new study from Juniper Research has forecasted that merchant losses from online payment fraud will exceed $362 billion globally between 2023 to 2028, with losses of $91 billion alone in 2028. A rise in eCommerce transactions in emerging markets is driving this growth. Merchants there are facing new threats, such as increased use of…

Rise in borrowing costs will wipe out savings for millions

26th June 2023 Consumer Lending | #borrowing costs

The millions of households that have to remortgage this year face a 50% increase in their repayments, according to the National Institute of Economic and Social Research (NIESR). The research says that households are about to be hit by yet another shock as a result of the Bank Rate rising to 5 per cent, and…

Soaring mortgage rates will cost 1.4m a fifth of disposable income

26th June 2023 Consumer Lending | #interest rates

Higher mortgage costs will mean almost 1.4 million households will need to spend at least 20% of their disposable incomes on repayments. According to the Institute for Fiscal Studies, in March 2022, households with a mortgage were spending an average of £670 per month on payments, £230 of which was interest. Now, mortgage-holding households face…

Two in five consumers will only stay loyal to brands offering BNPL

26th June 2023 Consumer Lending | #BNPL

New research from Vodeno/Aion Bank has revealed how embedded banking adoption is significantly boosting brand loyalty for companies, with consumers more likely to use embedded banking products from brands as a result of the cost-of-living crisis. The European Banking-as-a-Service (BaaS) provider’s study revealed that over a third (37%) are more likely to seek out brands…

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