Debit card spending in the UK reached a record high of £59.1 billion in July, data published by UK Finance has revealed. Spending was up almost a fifth (17.9 per cent) compared to the previous month and an increase of 9.4 per cent compared to July last year. Credit card spending in July amounted to…

Nearly two in five (38%) retirees aged 54 and over say their monthly expenditure exceeds their household’s income, either on an occasional or regular basis according to new research from equity release lender more2life and economics consultancy Cebr The research also indicated that a third (33%) of women aged over 54 who have taken on or held…

Buy Now Pay Later (BNPL) provider Zilch has partnered with challenger credit reference agency and Open Banking provider Credit Kudos to better assess the affordability of its customers. Zilch says that the COVID-19 outbreak has brought affordability into sharp focus and BNPL providers are under increased pressure to protect potential borrowers – in particular young…

The Insolvency Service has published its latest figures which indicated that in September personal insolvencies in England and Wales increased to 7,450 in September 2020 compared to August’s figure of 6,372, but remained well below September 2019’s figure of 12,256 There were, on average, 4,639 IVAs registered in each of the 3 months ending September…

Totallymoney.com research has revealed how much customers could save by avoiding finance options at car dealerships with £300 million being lost every year across the UK due to commission-focused dealerships The research showed that the majority of new car registrations (nine in ten) were financed through dealerships in 2018 with nearly three-quarters of people (68%)…

Pent-up demand and government incentives jolted the UK’s property market back to life this summer despite caution from lenders about the effects of Covid-19, according to a new Experian report. Experian’s research in Lending with Confidence: A data-led Analysis of the Mortgage Market has revealed that mortgage applications increased year-on-year by 13% in July, followed…

Freelancers whose income has been slashed this year due to the pandemic could soon face tax bills higher than their earnings according to new research by Royal London. As reports suggest that the Treasury is considering a number of dramatic tax increases on the self-employed, including a rise in National Insurance Contributions, Royal London is…

Research from Hodge Bank has revealed that people’s top priority in life is to be debt free, followed by buying a new home and spending more time with family. According to the research – which asked over 3000 people about their attitudes to finances – 58% of people claimed that their biggest priority in life…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2020 by 11% compared with the same month in 2019, and contracted by 21% in the eight months to August 2020. Consumer car finance new business grew in August by 8% compared with the same month…

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