UK Finance research has found that homeowner mortgage in arrears of 2.5% or more rose by 3% in the first quarter (Q1)of 2024, compared to the previous quarter, showing that the debt pressure for many homeowners remains acute. However, the rise year on year is substantial – there were 96,580 homeowner mortgages in arrears of…
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Rises in court fees that came into force last week could put vulnerable people at risk of violence, according to debt help specialist, Money Wellness. Money Wellness says that anyone who is granted an insolvency solution because they couldn’t afford to repay their debts has their details, including their address, listed in the public insolvency…
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New polling by YouGov for StepChange Debt Charity shows that nearly one in four (23%) UK mortgage holders has turned to some other form of credit or borrowing in the last three months so that they could keep up with existing borrowing commitments. This comes as the Bank of England is expected to hold interest…
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New research by NFU Mutual has found that despite financial confidence growing overall across the UK, the number of those feeling confident about their finances within the next 12 months has reduced (41%) compared to August 2023 (52%) with 24% of respondents still concerned around household bills. Those aged 75 and above are the most concerned…
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Data sourced from millions of Barclays current accounts* reveals that consumer spending on rent and mortgage payments accelerated in April, reversing the encouraging slowdown in the first quarter of the year. Meanwhile, leaseholders are finding their housing costs compounded by high service charges and ground rents. To compensate, household spending on areas such as homewares,…
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Households in the UK have experienced a year of growing disposable incomes, indicating that the cost of living crisis is being alleviated by falling inflation and rising wages a according to a report by Asda and the Centre for Economic and Business Research (CEBR). Gross income for the average household grew by 10.1% and at…
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Pay packets are still worth less than in 2008 in nearly two-thirds (63%) of UK local authorities, according to new TUC analysis. The analysis of official statistics shows that 16 years on from the global financial crisis, wages are set to be lower – in real terms – in 212 out of 340 UK local…
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The rate of mortgage arrears growth slowed to 3.9% in Quarter 1 from 5.7% in Quarter 4 2023, the lowest quarterly growth rate since the September 2022 when the combined effects of the cost-of-living crisis and the September 2022 Mini-Budget began to impact UK household budgets according to the latest data from Pepper Advantage. While…
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Here is an overview of The Money Charity’s latest statistics for April 2024 Personal debt in the UK People in the UK owed £1,841.2 billion at the end of February 2024. The average total debt per household, including mortgages, was £65,569 and per adult was £34,617, around 99.2% of average earnings. Net mortgage lending decreased by…
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The number of people in full-time work, including those in jobs such as nursing, have increasingly been asking for advice on debt according to a new report from StepChange Debt Charity. The research has found that one in five (21%) StepChange clients in full-time employment are in a negative budget – meaning their expenditure exceeds…
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Latest analysis by Shelter found that there were 83,000 unwanted moves in England over the past 12 months, meaning 40% have been forced to relocate, with the moves costing renters over half a billion pounds a year. An unwanted move is defined as a fixed-term tenancy coming to an end, or tenants being priced out…
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The Bank of England’s latest credit conditions survey for the first quarter of 2024 has revealed a rise in default rates on credit cards and other loans, with overall demand for unsecured lending increased. The data shows that demand for unsecured borrowing rose in early 2024 – driven by credit cards – and is expected…
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Young people are three times more likely than older generations to have their mental health impacted by money worries, research from responsible lender,Creditspring reveals. Four in ten (39%) people aged 18-34 say theirmental health has significantly worsened as a direct result of the cost of living crisis, compared to just 13% of over 55s. Three in…
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