29th January 2024 - Credit Connect

UK economy likely experienced a mild recession last year

29th January 2024 Commercial Credit Management | #economy #recession

The Centre for Economics and Business Research (CEBR) predicts that the UK economy likely experienced a mild recession in the second half of last year. However, the think-tank believes that the country is now on the path to recovery, thanks to higher disposable household income and increased spending. CEBR says the UK economy has battled…

Pre-payment meter debt rises to £1 billion

29th January 2024 Arrears and Recoveries | #energy prepayment

The amount of debt racked up by prepay energy customers has hit £1 billion according to new research by Bfy Consulting. Over the past two years, the number of prepayment meter (PPM) energy customers in debt has risen by 220,000 to 750,000 – a 40% increase. The average debt balances have also risen by 40%…

Vulnerable people encouraged to seek help with energy bills

29th January 2024 Arrears and Recoveries | #energy bills

Households struggling with the cost of energy bills this winter are being encouraged to speak to their council about the financial help available from the Department for Work and Pensions’ Household Support Fund. The Government has invested over £2 billion into the Fund since it launched, with new statistics now showing more than £360 million…

One in six renters have missed an essential payment

29th January 2024 Arrears and Recoveries | #renters missed payments

Almost one in six renters missed an essential payment in a single month, Which?’s latest Consumer Insight Tracker. Overall, an estimated 2.4 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in the month to 12 January. This is on a par with the levels of missed payments…

Profit warnings from listed companies exceed 2008 financial crisis levels

29th January 2024 Commercial Credit Management | #listed companies

The percentage of UK-listed companies issuing profit warnings last year exceeded the levels seen at the peak of the financial crisis in 2008 as 18.2% of public firms issued warnings, according to EY-Parthenon’s latest report. In total, 294 profit warnings were issued in 2023, a small decrease of 11 from 2022 when 305 warnings were given.…

Majority of consumers limiting fuel and energy spending

29th January 2024 Industry opinion |

UK household spending on energy and fuel is falling but these reductions seem driven by people looking to cut down their expenditure against a steadily growing backdrop of debt. Energy and fuel spending are down for the average UK household, but while some of this is due to falling prices, the majority of the change…

Money Statistics: January 2024

29th January 2024 Arrears and Recoveries | #money statistics

Here is an overview of The Money Charity’s latest statistics for January 2024 Personal debt in the UK People in the UK owed £1,847.6 billion at the end of November 2023. The average total debt per household, including mortgages, was £65,795 and per adult was £34,737, around 100.5% of average earnings. Net mortgage lending decreased by…

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.