19th February 2024 - Credit Connect

Credit card spending increased by 6.2% in November 2023

19th February 2024 Consumer Lending | #credit card debt

UK Finance has released its latest card spending data for November 2023 highlighting that there were 379.3 million credit card transactions in November, 6.4 per cent more than in November 2022. The total spend of £20.9 billion was 6.2 per cent higher than November 2022. Outstanding balances on credit card accounts have grown by 9.8…

Personal insolvencies increase by 22%

19th February 2024 Consumer Collections | #personal insolvencies

Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased by 22.8% in January 2024 to a total of 8,089 compared to December 2023’s total of 6,585, and increased by 4.3% compared to January 2023’s figure of 7,756. There were 8,089 insolvencies in January 2024, 4% higher…

Business Insolvencies increase by 5%

19th February 2024 Business | #business insolvencies

Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in January 2024 was 1,769, 5% higher than in the same month in the previous year (1,685 in January 2023). Of the 1,769 registered company insolvencies in January 2024, 1,294 CVLs, which is 6% lower than in…

Energy price cap predicted to fall by £300 a year

19th February 2024 Consumer Collections | #energy bills

Latest forecast by Cornwall Insight has predicted that energy bills will fall in April by nearly £300 a year for a household using a typical amount of gas and electricity. The forecast for the April – June Q2 2024 forecasts that a typical dual fuel household will be £1,635 per annum. This is a fall…

Scottish business insolvencies fall by 19%

19th February 2024 Business | #business insolvencies

Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland fell by 19%. In January 2024 there were 88 business insolvencies registered in Scotland, 19% lower than the number in January 2023. The business insolvencies comprised of 34 compulsory liquidations, 46 CVLs, seven administrations and one CVA. There were no receivership appointments.

Northern Irish business insolvencies double whilst personal insolvencies fall

19th February 2024 Business | #business and personal insolvencies

Latest monthly statistics from the Insolvency Service have shown that business insolvencies increased whilst personal insolvencies fell in Northern Ireland in January 2024. The data showed that there were 30 company insolvencies, more than twice as many as (114% higher than) in January 2023. The business insolvencies comprised of 17 CVLs, eight compulsory liquidations, four…

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