Here is an overview of The Money Charity’s latest statistics for July 2024 Personal debt in the UK People in the UK owed £1,852.8 billion at the end of May 2024. The average total debt per household, including mortgages, was £65,239 and per adult was £34,537, around 96.0% of average earnings. Net mortgage lending increased by…
Read more
A new report from the Institute for Fiscal Studies (IFS) estimates that an extra 320,000 people have been pushed into poverty as they moved onto more expensive deals, as a result of the rise in mortgage rates in 2022 and 2023. The rise in mortgage rates saw the average rate for a two-year fixed mortgage…
Read more
New research from the Money Advice Trust, the charity that runs National Debtline and Business Debtline, shows 6.8 million (13 percent) UK adults are struggling to pay for their essential costs, such as rent and council tax. Despite inflation falling to 2 percent, an estimated 11.4 million (21 percent) people say their financial situation is…
Read more
New research by StepChange Debt Charity ahead of the school summer holidays has revealed that almost one in three (29%), equivalent to around 15.5 million people, expect their household spending to increase over the next few months, including 31% of parents with children aged 18 and under. Of those saying their household spending will increase…
Read more
The winners of the inaugural 2024 Credit & Collections Industry Awards have been revealed. There were thirteen winners (four of which were partnership wins) from the fourteen awards categories which are covered by three main headings of Credit & Collections, Inniative & Innovation and Partnerships. The award winners were announced in a webinar after a…
Read more
Latest data from the Bank of England has found that lenders expect default rates on home loans to climb in the coming months, The data showed that mortgage default rates rose in Quarter 2 (Q2) with banks and building societies believing that the rate will increase further in the next three months. Lenders reported a…
Read more
New figures released by the Finance & Leasing Association (FLA) have shown that second-charge mortgage new business volumes grew by 36% in April 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…
Read more
Credit Connect hosted its Online Collections Technology Think Tank last week which saw collections strategies and the impact of political and the cost of living economic stresses discussed by collections professionals from a variety of industry sectors. In the ninth edition of the Collections Technology Think Tank series, hosted by Credit Connect Media, industry professionals…
Read more
Latest figures from Ofgem show energy debt levels have broken records again, now standing at £3.1 billion. The research also showed that 6.1 million households are struggling to pay energy bills as energy arrears continue to break records National Debtline says the lower energy price cap will bring some relief to households but is calling…
Read more
New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 186 live in Scotland) shows that one in four adults (24%) in Scotland have used a form of credit to pay for essentials (groceries, utilities, housing) in the past three months, while one in five (19%) adults in Scotland have borrowed…
Read more
Unsecured household debt is set to rise by over £1,600 this year as families continue to struggle with the cost of living crisis, according to new TUC analysis. The analysis shows that unsecured debt (loans, credit cards, purchase hire agreements) is on course to increase by 9.4% (£1,660) in real terms, on average, per household…
Read more
Latest data published by the Department for Levelling Up, Housing and Communities (DLUHC) show outstanding council tax arrears have reached a total of £6 billion as of 31stMarch 2024, a 9% year-on-year rise and an 71% increase since before the pandemic – the total outstanding arrears stood at £3.5 billion in 2019 to 2020. Over…
Read more
With rent prices rising 9% over the last 12 months, three in ten (28%) renters across the UK have been forced to turn to benefits due to rising costs, reveals research from responsible lender Creditspring. ONS figures show that average rents increased by 8.9% over the last 12 months, with tenants paying over £100 more…
Read more