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…

Santander has become the latest bank to introduce a single debit interest rate (EAR) of 39.9% for arranged overdraft borrowing – customers will pay 9p per day per £100 borrowed, in addition, all unarranged overdraft charges and paid / unpaid item fees will be removed meaning that  86% (six out of seven) of Santander customers…

Audit, tax and consulting firm RSM has announced  growth plans for its creditor services business, including substantial new investments in products, people and premises. As part of a long-term strategy, the firm is further enhancing its product portfolio designed to help businesses manage credit risk among suppliers and customers. Significant investments are being made in…

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…

Helplines for people with money worries are gearing up for one of the busiest times of the year, with a call about debt expected every four minutes throughout January at the according to the Money and Pensions Service (MaPS). Last year, nearly 3,500 debt calls were made to the free Money Advice Service (MAS) helpline…

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…

New data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, has revealed that spending on essentials declined 0.9 per cent in December, with supermarkets contracting by 0.9 per cent compared with December 2018. Petrol expenditure also fell by 0.5 per cent. Many retailers also continued to see contractions in…

New statistics from Comparethemarket.com have revealed the financial consequences of ‘Buy Now, Pay Later’ schemes. The survey of over 2,000 UK adults indicates that over two million UK adults who have used ‘Buy Now, Pay Later’ schemes (BNPL) have had their credit scores damaged by using these payment schemes, as national levels of consumer debt continue…

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