17th July 2023 - Credit Connect

Almost a third struggling to repay their mortgage

17th July 2023 Arrears and Recoveries | #mortgages

Almost a third of people are struggling to afford their mortgage repayments, new research from the Office of National Statistics (ONS) statistics have shown. The survey showed that 43% of renters and 28% of mortgage holders say they are struggling to keep up. The difference between renters’ and mortgage holders’ likelihood of experiencing some form…

1.3 million households missed a bill payment in a single month

17th July 2023 Arrears and Recoveries | #household payment arrears

Which?’s June consumer insight tracker found that 1.3 million households missed or defaulted on a household bill payment – such as an energy, water or council tax bill – in the month to June. Missed bill payments have been consistently high since January 2022, showing just how many are struggling to make ends meet every…

BNPL regulation could be delayed

17th July 2023 Arrears and Recoveries | #BNPL

A number of national news outlets are reporting that the Treasury is considering shelving plans to regulate the Buy Now Pay Later (BNPL) industry. Following news that there could be delays to regulation of the Buy Now, Pay Later sector, Richard Lane, Director of External Affairs at StepChange Debt Charity, said “We’re alarmed to read…

Majority of landlords do not intend to sell any buy-to-let properties

17th July 2023 Consumer Lending |

The majority of buy-to-let landlords (64%) are not planning to sell any of their properties in the next 12 months, latest data from the Landbay quarterly survey has revealed. The strongest sentiment was found among landlords with individual properties (75%) and those with smaller portfolios of two or three properties (69%). However, almost the same…

Credit card rates race past 23% for first time since 1995

17th July 2023 Consumer Lending | #credit cards

After a period of relative calm for the consumer credit sector, average rates on lending products registered notable increases through June as fears over sticky inflation linger, according to analysis of the latest Bank of England data from Freedom Finance. Through the first few months of the year, average rates on credit cards and personal…

Together appoints Group Channel Development Director

17th July 2023 Appointments | #appointments

Property lender, Together has announced it has promoted experienced corporate finance expert Chris Baguley to a new role driving future growth for the specialist lender. Baguley has now taken up the position of Group Channel Development Director, a new role to provide strategic support and to launch new initiatives, aimed at further building the business’s…

33% of eCommerce spend to be cross-border by 2028

17th July 2023 Consumer Lending | #ecommerce spending

A new study from Juniper Research, the foremost experts in payments, has found the value of cross-border eCommerce will exceed $3.3 trillion in 2028, from $1.6 trillion in 2023. With disposable income rising in developing markets, eCommerce merchants and marketplaces are pivoting towards them. Given the prevalence of alternative payment methods in developing markets, such…

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