Here is an overview of The Money Charity’s latest statistics for February 2018: Personal debt in the UK People in the UK owed £1.572 trillion at the end of December 2017. This is up from £1.512 trillion at the end of December 2016 – an extra £1,105.77 per UK adult. Per adult in the UK that’s an average…

New figures released by the Finance & Leasing Association (FLA) show growth of 6% in consumer finance new business in 2017. New business in December 2017 increased by 1% compared with the same month in 2016. Credit card and personal loan new business together grew by 6% in 2017, while retail store and online credit…

British consumers are increasingly struggling to cope under an ever-growing mountain of credit card debt, according to new research by the New Economics Foundation (NEF) think-tank. Using data from the Financial Conduct Authority, R3 and its own modelling, NEF finds that credit card debt is increasingly becoming as unmanageable as payday lending debt was for…

New data research by onefourzero and GK analysing the credit market has found that consumers now use debt to maintain their spend power. The report analysed demand data for credit cards and overdrafts, and found that reliance on consumer credit has become the new normal; British consumers are borrowing more now than ever before. What was…

Today marks the start of a UK rule change required by the Competition and Markets Authority (CMA) as part of its Retail Banking Investigation which means that banks must now set up an alert system which will help their customers avoid unnecessary charges. During an investigation, the CMA found that banks receive around £1.2 billion a…

New research from Mintel has found that the majority of unsecured loan borrowers are living in ignorance as three in five Brits (60%) admit they are unaware of the interest rate being charged. More figures suggest 74% of Brits aged 45-64 with structured personal loans say they do not know the rates they are paying.…

  Over half (62%) of fraud managers are under pressure to increase transactions and customer sign-ups by reducing risk thresholds for ID verification, according to Callcredit Information Group’s research. Unsurprisingly, the research found that 64% of respondents feel it is difficult to balance the business need to onboard and service customers quickly with the need…

The Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.5 percent in the year to December 2017 up from 9.3 percent in November. Outstanding balances for consumer credit now stand at over £207.1 billion .The 8.9% growth in credit card lending has pushed the…

Significantly more UK households say they are spending more on essential products and services than they were a year ago, according to the latest Lloyds Bank Spending Power Report. The report has also found that significantly more consumers say they have increased their spending on essentials compared to 12 months ago with 70% of adults…

The Insolvency Service has released its latest statistical release shows the outcome status of Individual Voluntary Arrangements (IVAs). The statistics show: The percentage of IVAs failing within the first two years has increased Ten IVA providers accounted for over 80% of new IVAs registered in 2017. Total insolvencies rose for the second consecutive year, returning…

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