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…

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…

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…

The Information Commissioner’s Office (ICO) has fined DSG Retail £500,000 after a ‘point of sale’ computer system was compromised as a result of a cyber-attack, affecting at least 14 million people. An ICO investigation found that an attacker installed malware on 5,390 tills at DSG’s Currys PC World and Dixons Travel stores between July 2017…

The Fifth EU Money Laundering Directive (5MLD) is due to be transposed into domestic law today The Directive also specifically endorses the use of electronic ID verification, and states that it should be used wherever available. The new directive places an increased importance on the acceptable use of electronic verification methods in confirming identity, without…

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…

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