2nd January 2024 - Credit Connect

Families face £1,400 ‘debt timebomb’ in 2024

2nd January 2024 Arrears and Recoveries | #debt

Research by the Trades Union Congress (TUC) has warned that households face a ‘debt timebomb’ with analysis showing that borrowing is set to increase by £1,400 on average in 2024. The TUC analysis shows that unsecured debt – which includes personal loans, credit cards, and overdrafts – is set to rise from £13,361 to £14,792…

Card spending grew just 4.1 per cent in 2023

2nd January 2024 Consumer Lending | #card spending

Spending on debit and credit cards rose by 4.1% in 2023 according to latest data from Barclays. Card spending was noticeably lower than the growth seen in 2022 (10.6 per cent) as consumers cut back on new clothes, eating out and home improvements amid rising inflation and household bills. However, consumers continued to prioritise moments…

4,500 UK retailers face an uncertain New Year

2nd January 2024 Commercial Collections and Recoveries | #business risk

Nearly 4,500 retailers are in critical financial distress as lacklustre Christmas sales performances, combined with persistent inflation and interest rates at levels not seen in decades, pile on the pressure according to a report by insolvency firm Begbies Traynor. Critical financial distress rose considerably across the whole retail sector, with Food & Drug Retailers up…

Household bills have risen by £326 in the past year

2nd January 2024 Arrears and Recoveries | #bills

Household bills have surged by £326 on average in the past 12 months according to research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills has increased by up to 6% in the past year.…

Private sector activity endures a year of decline

2nd January 2024 Commercial Credit Management | #business risk #economy

The private sector activity fell slightly in the three months to December (weighted balance of -8%, from -11% in the three months to November), according to the CBI’s latest Growth Indicator. The latest decline extends a stretch of one-and-a-half years without growth, a trend which firms expect to continue in the new year (-6%). Services…

More than £1 million a month in energy compensation paid to customers in 2023

2nd January 2024 Drafts |

Millions of pounds recovered from energy firms by Ofgem were used to help communities across the country in 2023. The energy regulator steps in when energy companies breach their licence conditions or are found to be failing customers. In 2023, the regulator recovered a total of £77.2m in fines, customer refunds, compensation and alternative action…

One in eight in debt are scared to open mail due to their finances

2nd January 2024 Arrears and Recoveries | #debt

4.7 million (9 per cent) of adults are starting the new year very worried and feeling unable to cope because of their finances, according to new research from National Debtline. The research found that one in eight (12 percent) people in debt are worried when they hear a knock at the door in case it…

Create your Account:

1. Please fill in the boxes below with your email, tick the relevant newsletters you would like to subscribe to and click the Sign Up button.

2. Wait for the double opt-in page to open and confirm your email address.

3. You have subscribed and have agreed to receive the newsletters.

Credit Connect Media is committed to reserving your right to privacy. By using our website and services you consent to our collection and use of your information as described in or privacy policy.

Credit Connect Media has set up a network of business partners whose products and services may be interesting and useful to you. They may contact you from time to time. By subscribing you confirm that you agree to our Terms & Conditions statement.