Rise in default rates on credit cards and loans

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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Cost living impacting mental health of three in ten young generations

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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Second charge mortgage increased by 17% in February

New figures released by the Finance & Leasing Association (FLA) second charge mortgage new business volumes grew by 17% in February 2024. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “The second…

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7.4m people struggling with bills and credit repayments

New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments with 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. This is still higher than the 5.8 million recorded in February 2020, before the…

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Number of households seeking legal help over energy debt action doubles

The number of households seeking help to deal with court action over their unpaid energy bills has doubled in the last year, according to Citizens Advice. Citizens Advice said while the numbers affected are small at the moment, the number of people it helped who received a county court judgement (CCJ) from their energy supplier…

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Buy-to-let mortgage arrears increase

Latest figures from UK Finance have shown that there was a substantial jump in the number of Buy-to-let (BTL) mortgages in arrears of 2.5 per cent or more of the outstanding balance – this was 123.9% higher year on year to 13,570 in Quarter 4 (Q4) 2023. However, UK Finance points out that only 0.68%…

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Household bills predicted to fall by £350

The annual cost of household bills is predicted to drop by £350 on average year-on-year in April 2024, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills is set to decline…

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Mortgage defaults expected to rise by 22% over next 12 months

The UK’s largest specialist mortgage lenders are accounting for a 22% increase in Expected Credit Loss (ECL) provision as mortgage defaults spike, according to a new report from AI powered transaction analytics firm, Fuse. Analysis of the most recent financial statements of ten of the UK’s largest specialist mortgage lenders indicate that lenders are accounting…

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Nearly half of young people unaware of BNPL debt potential

New research by CreditSpring has found that 6.7 million young people (aged 18-34) across the UK don’t know that using buy now, pay later (BNPL) can lead to debt. The research showed that mearly half (46%) of young people remain unaware BNPL can lead to debt, much higher than the 35% UK average. BNPL is…

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Money Statistics: March 2024

Here is an overview of The Money Charity’s latest statistics for March 2024 Personal debt in the UK People in the UK owed £1,838.7 billion at the end of January 2024. The average total debt per household, including mortgages, was £65,479 and per adult was £34,570, around 99.1% of average earnings. Net mortgage lending increased by…

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Unsecured debt at its highest level for a decade

Latest analysis by StepChange Debt Charity has revealed that there is growing financial insecurity among its clients, with the average person coming to the charity for help having more debt and less money to pay towards it each month. The findings also showed that the average amount of unsecured debt has reached its highest level…

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Income poverty rates similar to pre-pandemic levels

25th March 2024 Arrears and Recoveries |

New official household income statistics released IFS funded by the Joseph Rowntree Foundation and the abrdn Financial Fairness Trust has found that the real incomes of the poorest third of households were roughly the same in 2022-23 as in 2019-20, despite the Covid pandemic and the cost of living crisis. But other measures of material…

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Six in ten nurses turning to credit as costs rise

25th March 2024 Arrears and Recoveries |

A survey by the Royal College of Nursing (RCN) has found that 77% say they are worse off than a year ago. The findings from the survey reveal a nursing workforce struggling desperately with living costs, with more than three quarters (77%) saying they are financially worse off than 12 months ago. Over two thirds…

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