Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for January 2020 Personal debt in the UK People in the UK owed £1,669 billion at the end of November 2019. The average total debt per household, including mortgages, was £59,982 and per adult was £31,643, around 111.6% of average earnings. Net mortgage lending rose…
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IHS Markit UK has published its latest Household Finance Index which has shown that optimism in households has risen to a 12-month high in January. Whilst living costs continue to rise at a historically weak rate the report has found a deteriorating appetite for major purchases The Household Finance Index (HFI) – which measures households’…
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A new research report from StepChange Debt Charity, ‘Problem debt and the social security system’ has indicated that the Government should take steps to reform the design flaws within the system that are causing people to experience destitution. The research findings reveal that half (52%) of the charity’s clients who are in receipt of support…
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The impact of Universal Credit (UC) will be felt very differently in different places: something currently being ignored amid growing debates about how to level up economic outcomes across Britain, according to new Resolution Foundation research. The long and winding road report notes that the new parliament will be a critical period for Universal Credit’s…
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With a fortnight to go until the UK is due to leave the European Union, the proportion of consumers who think their finances will improve after Brexit rose by 5 percentage points in the last quarter, from 6 per cent in August 2019 to 11 per cent of the population in the days following the…
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UK cardholders spent £51 billion on debit cards in October 2019, up two per cent on the same month the previous year, according to UK Finance’s latest Card Spending Update. There were 1.6 billion transactions on debit cards in October 2019, 9.3 per cent more than in October 2018. This reflected a total spend of…
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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…
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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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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…
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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…
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Here is an overview of The Money Charity’s latest statistics for December 2019: Personal debt in the UK People in the UK owed £1,665 billion at the end of October 2019. The average total debt per household, including mortgages, was £59,840 and per adult was £31,569, around 111.7% of average earnings. Net mortgage lending rose…
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With the Conservative Party winning a majority of seats in the House of Commons the Federation of Small Businesses (FSB) says that the result of a majority government brings the hope of stability for small firms. FSB National Chairman Mike Cherry said “Small business owners will be hoping that today’s result helps to bring stability…
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Household debts (excluding mortgages) are on the rise in the UK, according to the Office for National Statistics (ONS). Total household debt in Great Britain was £1.28 trillion in April 2016 to March 2018, of which £119 billion (9%), which suggests that average household debt rose to £9,400. £1.16 trillion (91%) was property debt (mortgages and…
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