Britain is facing the highest risk of a recession since the financial crisis and preparations need to be made to mitigate the impact, according to the Resolution Foundation annual audit. Typical household incomes are estimated to have fallen by 0.5 per cent over the past two years – between 2016-17 and 2018-19 – the Resolution…

Credit card provider, Halifax has announced that customers will now have a greater range of options to control where and how they use their credit card with access to ‘card freeze’ through their mobile app, allowing them to stop their credit card being used in a number of different ways. Card Freeze lets customers choose…

Around 23 million people have experienced a life shock in their household in the past two years. New research from StepChange Debt Charity finds that people who had experienced a life event in the last two years were three times as likely to be in problem debt than those who had not. This points to…

HSBC has voluntarily agreed to extend its redress scheme for customers who may have lost out by paying an unreasonable debt collection charge imposed by HFC Bank and John Lewis Financial Services (JLFS) the Financial Conduct Authority (FCA) has announced. Both HFC and JLFS are now part of HSBC UK Bank. The redress scheme relates…

The Financial Conduct Authority (FCA) is failing to adequately protect consumers from high-interest costs on credit cards according to a new report by the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action. The report also calls for a cap on the total cost of charges that borrowers pay. Almost…

Research by the Stepchange debt charity has found that almost one in five people who have taken out a high-interest rate, sub-prime credit card were unemployed at the time it was issued. Around four million people have a sub-prime credit card (defined as cards with an interest rate APR of 30-70%). The research found a…

British consumers care far more about online payment security than speed, simplicity and convenience, according to research from Equifax, the consumer and business insights expert. Two thirds (66%) of people rate safe and secure payments as most important in the online checkout process, with only one in ten being most concerned about speed or simplicity.…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May by 2%, compared with the same month last year. The retail store and online credit sector reported new business up in May by 2% compared with the same month in 2018, while credit card and personal…

Almost half of consumers are currently in debt and believe the rising cost of independent living is to blame. A survey of 1,000 UK adults published in The UK Spending Report, commissioned by a leading personal insolvency practice, Creditfix, has revealed that almost 1 in 2 consumers(46%) are currently in debt. Those who admitted to…

Bank of Ireland has announced that it is selling its UK credit cards business for £530 million. The portfolio, which includes cards for the Post Office and the AA. The portfolio will be sold to special purpose investment vehicles advised by affiliates of Centerbridge Partners Europe and Jaja Finance. The acquisition is part of Jaja’s…