The Bank of England’s (BoE) credit conditions survey shows consumers were more hesitant about credit card spending in the closing months of 2019, with a balance of -13. 3% of lenders reporting a rise in demand for unsecured lending. A balance of -6 .7% of respondents had increased the availability of unsecured credit. The survey…

UK cardholders spent £51 billion on debit cards in October 2019, up two per cent on the same month the previous year, according to UK Finance’s latest Card Spending Update. There were 1.6 billion transactions on debit cards in October 2019, 9.3 per cent more than in October 2018. This reflected a total spend of…

Consumers borrowed £6.6 billion to fund Christmas 2019 – an average of £435 each of those who borrowed – according to new research from TSB, despite over half (58%) who said they wanted to borrow less over the course of the year. A fifth (21%) say they overspent in 2019 and nearly three in ten…

One in three consumers expects to retire with an average debt of £17,460 this year according to new research by Key. The research has found that the debt will take three-and-a-half years to clear. Initial findings from this work suggest that the ‘Retirement Class of 2020’ faces significant debt challenges with more than one in…

Provident Financial says its credit card business, Vanquis Bank, performed “modestly above expectations” in the fourth quarter, adding that it expects to report full-year results in line with market expectations. The company also said that its consumer credit division also had delivered results in line with its plans. Consistent with the group’s strategy set out…

Low-income households have seen the fastest rise in the use of consumer debt since the financial crisis, and are too exposed to financial shocks, according to new research published by the Resolution Foundation. The ‘An outstanding balance?’report explores changes in the use of consumer debt – including credit cards, store cards, mail order and hire…

Victims of Authorised Push Payment (APP) fraud face a £3 billion shortfall in compensation according to new Fraud Tracker figures from secure payments solution Shieldpay. Some 4.2 million1 people in the UK have been caught out by scammers at some point in their life through APP fraud. APP fraud happens when someone is tricked into…

Payments technology company Acquired.com have been granted full PISP (Payment Initiation Service Provider) accreditation by the Financial Conduct Authority (FCA). The exciting milestone will allow Acquired.com’s clients to access ledger to ledger payment capabilities, providing them with real time direct transfers without the costs, delays and administration associated with traditional processes via card schemes and…

The Gambling Commission has announced a ban on gambling businesses allowing consumers to use credit cards to gamble. The ban, which comes into effect on 14 April, follows the Commission’s review of online gambling and the Government’s Review of Gaming Machines and Social Responsibility Measures. A public consultation was carried out between August and November 2019. Twenty-four…

Unsecured debt hit a new peak of £14,540 per household in 2019 according to TUC analysis. Meaning that the average household debt is now 31% above its peak before the financial crisis. The analysis shows that unsecured debt per household rose to £14,540 in the third quarter of 2019, which is up £430 on a…

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