Here is an overview of The Money Charity’s latest statistics for November 2020 Personal debt in the UK People in the UK owed £1,685 billion at the end of September 2020. The average total debt per household, including mortgages, was £60,449 and per adult was £31,798, around 110.3% of average earnings. Net mortgage lending rose by…

People struggling with money are paying an extra £478 for essentials like energy, credit and insurance because of the poverty premium, according to new research by the University of Bristol. The Fair By Design study of 1,000 low-income households accessing the services of national poverty charity Turn2us, shows that poorer households are spending the equivalent…

Bank of England (BoE) latest data on lending shows that households repaid £600 million of debt in October,  the repayment matches the same amount as September. This means the total repaid since the end of March now stands at £15.6 billion. Credit card debt has fallen by 13% over the past year, with consumers having…

Millions of households are set to ration their energy usage this winter out of worry that they cannot afford their energy bills. According to new research by comparethemarket.com, nearly a third (31%) will ration their heating during the coming months to combat rising household bills as a result of the second national coronavirus lockdown. Rising…

Almost 700,000 consumers, including 120,000 children, have been plunged into poverty as a result of the pandemic economic crisis, according to research by the Legatum Institute. The report provides the first estimates of poverty in Winter 2020 using the Social Metrics Commission’s approach to measuring poverty, which the Government is currently developing as an Experimental…

The Resolution Foundation has predicted that the coronavirus crisis will see Britain’s 15-year squeeze on household incomes prolonged, with pay cut by £1,200 annually within the next four years.  The Foundation’s report ‘Here Today, Gone Tomorrow ‘shows that the Covid crisis is causing immense damage to the public finances and permanent damage to household finances…

As consumers prepare for one of the biggest shopping days of the year, Cifas, the UK’s leading fraud prevention service, is warning shoppers of the dangers of online fraud. With a large proportion of the UK still in lockdown, online sales are expected to soar this Black Friday as shoppers look for bargains on the…

Credit Connect has announced its annual Credit & Collections Technology company power list for 2020. The section edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.The list…

The Low Incomes Tax Reform Group (LITRG) has welcomed HMRC’s decision to allow late loan charge spreading elections, but has warned of other barriers stopping people from meeting their loan charge obligations. HMRC must address these barriers to break the impasse, says LITRG. HMRC has recently published a Statement of Practice that sets out how…

One in three people has got into debt since the start of the pandemic, according to a new report by national poverty charity, Turn2us. The findings also reveal how families with three or more children are twice as likely to run out of money as families with only one child. The report, which was co-designed…

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