Here is an overview of The Money Charity’s latest statistics for August 2019: Personal debt in the UK People in the UK owed £1,642 billion at the end of June 2019. This is up from £1,596 billion at the end of June 2018, an extra £887 per UK adult over the year. The average total…

Universal Credit is causing tenants to get behind with their rent according to new research for the Residential Landlords Association (RLA). It reports that 54 per cent of those private landlords who have let to tenants on Universal Credit in the past 12 months have seen them fall into rent arrears. Of these, 82 per…

Almost half of adults admit they still rely on ‘The Bank of Mum and Dad’ for cash, a new study by Virgin Media has found. Over the course of the last year, adult children have ‘borrowed’ a total of £708 from their mums and dads to help with university fees, bills and home improvements. Others…

The debt advice sector has developed a first of its kind apprenticeship qualification. The qualification Standard and End Point Assessment have now been submitted to the approval board of the Institute of Apprenticeships. It is expected that the apprenticeship will launch within the next six months. The apprenticeship is a cross-sector qualification developed in collaboration…

New figures from UK Finance show that consumers spent almost £16.9 billion on credit cards in May, a year-on-year increase of 2.3%. The annual growth rate of outstanding balances on credit cards stood at 4.1 per cent in May 2019, continuing the downward trend from its recent peak of 8.3 per cent at the start…

New research from KPMG has found that 30% of the UK public have changed their spending as a result of Brexit uncertainties. A fifth (22%) have avoided making big ticket purchases with almost one in ten (9%) missing out on overseas holidays and 6% avoiding investing in the economy via stocks & shares. Meanwhile, 8%…

Consumers struggling to make ends meet are being urged to avoid loan sharks at all costs as latest figures show debt advice enquiries have hit a record high. The Local Government Association (LGA), which represents councils in England and Wales, is urging people desperate for a loan to steer clear of illegal money lenders who…

New figures released by UK Finance has shown that whilst the numbers of homeowners in arrears have remained at a historic low there has been an increase of 15% (1,270) in the number of repossessions in the second quarter (Q2) of 2019. UK Finance said repossessions were still well below levels experienced between 2009 and…

Up to half of older homeowners are using equity release to repay debt as they struggle to meet payments, new analysis from independent equity release adviser Key shows. Analysis of customer data suggests that 30% of people are using equity release to repay unsecured debt while 20% are using it to repay mortgages.  Debt is a…

The income squeeze that followed the last financial crisis has left low and middle-income households more vulnerable to the next economic shock than they were in 2008, according to new analysis published by the Resolution Foundation. The report titled ‘A problem shared?’ examines the distributional impact of recessions in the light of the financial crisis.…

1 2 3 58