19th August 2024 - Credit Connect

Energy prices forecast to rise by 9% in October

19th August 2024 Consumer Collections | #energy prices

Energy prices are expected to rise by 9% in October according to consultancy Cornwall Insight. The data shows that for a typical dual fuel household we predict the October price cap to be £1,714 per annum. This is a rise of 9% from the current price cap which was set at £1,568 per year for…

Financial inclusion confidence falls despite strengthening economy

19th August 2024 Consumer Lending | #financial inclusion

People in the UK are feeling significantly less financially included than they used to be, as the pressure of the cost of living crisis continues to weigh on the public according to research by Principal Financial Group. The proportion of people who feel financially included in the UK has dropped to 56% from 73% a year ago, as…

Credit commitments concerns remains despite inflation rates easing

19th August 2024 Consumer Collections | #credit

Latest ONS data on the cost of living shows that despite the easing in inflation, many people remain concerned over their credit commitments. In the latest period, just over 4 in 10 (44%) adults who are currently making rent or mortgage payments reported that these payments had gone up in the last six months, with…

Reported fraud cases increases by 15%

19th August 2024 Consumer Lending | #fraud

A record number of cases were filed to the National Fraud Database (NFD) in the first six months of 2024 – over 214,000 in total, representing a 15% increase compared to the same period in 2023 according to fraud prevention service, Cifas. The data, recorded between January-June 2024, reveals the tactics favoured by fraudsters including…

Monzo tops banking satisfaction league

19th August 2024 Consumer Lending | #banking

Monzo has been named the number one bank for customer satisfaction in the Competition and Markets Authority (CMA) league table. The league table, the 13th published over 7 years, shows how personal and business current account holders rated the quality of their experience. These tables were first published following the Competition and Markets Authority’s (CMA)…

Outstanding balances on credit cards grow by 8.5 per cent

19th August 2024 Consumer Lending | #credit cards

Latest UK Finance card spending data for May 2024 has shown that outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months to May and 48.9 per cent of outstanding balances incurred interest compared to 49.7 per cent in May 2023. The data showed 2.3 billion debit card transactions…

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