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…
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…
Money Advice Scotland is piloting open banking technology from Experian which could help them to speed up the initial stages of debt advice. The money charity’s new webchat service uses Experian’s open banking tool, the Affordability Passport, to gather crucial income and expenditure data, as well as a statement of consumer credit debts. It takes…
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…
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…
More than half of the UK consumers (almost 27 million), will head into 2020 in debt, with almost five million owing over £10,000 in loans and credit, according to a poll conducted by money.co.uk. Money.co.uk polled 2,018 people living in the UK, aged 16-64 years, and found that, not including mortgages, almost two thirds (63%) will…
According to new research by GoCompare, only 43% of consumers will start the new decade with their finances in good shape. Younger adults are the least optimistic about their finances. Just 29% of 18 to 24-year olds and 26% of 25 to 34-year olds feel they are in good order. In stark contrast, over half…