New research by Hargreaves Lansdown has found that the financial resilience gap has widened as with the debt crisis impacting low earners. The debt position of the lowest fifth of earners has deteriorated since the onset of the pandemic, but improved for everyone else. Since the onset of the pandemic, there has been a rise…
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Fuel Bank Foundation says it has been ‘forced to take action’ by doubling the support it provides to vulnerable consumers due to the government not providing any additional energy bill help this winter. The chroty which provides emergency fuel vouchers for struggling households with prepayment meters (PPMs), has increased the amount of financial support it…
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New research by Lowell has found that over a quarter (28%) more people think they will have any Christmas debt paid off by the end of February when compared to last year. The research also found that 14% more consumers were able to rely on their disposable income for Christmas 2023, compared to the previous…
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Four in ten (41% consumers are heading into 2024 saying they feel less financially secure than when 2023 began, according to new research from KPMG UK. Assessing confidence for 2024, KPMG’s latest Consumer Pulse survey of 3000 UK consumers shows those feeling worse about their financial security outnumber those feeling more secure by almost two…
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Research by the Trades Union Congress (TUC) has warned that households face a ‘debt timebomb’ with analysis showing that borrowing is set to increase by £1,400 on average in 2024. The TUC analysis shows that unsecured debt – which includes personal loans, credit cards, and overdrafts – is set to rise from £13,361 to £14,792…
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Household bills have surged by £326 on average in the past 12 months according to 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 has increased by up to 6% in the past year.…
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4.7 million (9 per cent) of adults are starting the new year very worried and feeling unable to cope because of their finances, according to new research from National Debtline. The research found that one in eight (12 percent) people in debt are worried when they hear a knock at the door in case it…
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Here is an overview of The Money Charity’s latest statistics for December 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of October 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.7% of average earnings. Net mortgage lending increased by…
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Ofgem has announced that energy debt has reached £2.9 billion and may look to recover this by raising the price cap and increasing energy bills. The energy regulator says that the scale of energy debt means that they must take action to protect market and ensure customers are protected from uncontrolled rises This follows an…
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New research published today by the Money and Mental Health Policy Institute is urgently calling on the government to introduce clear rules to stop lenders inundating people with letters, calls, texts and emails about missed payments. Money and Mental Health says this is causing unnecessary distress at at time when 50% of people who are behind…
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The proportion of mortgage balances in arrears increased to the highest level in six years in Q3, with Bank of England data showing that the proportion of total loan balances with arrears increased from 1.02% to 1.14%, quarter-on-quarter. This is the biggest proportion since Q2 2017. The latest statistics show that the value of outstanding…
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Latest figures from UK Finance have predicted that mortgage arrears as set to rise in 2024. The research also found that there has been an estimated 4,400 repossessions in 2023, noting that this was ‘an incredibly low number by historic comparisons.; It also highlighted that over 99% of the 10.8 million mortgages in the UK…
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The growing gap between the ‘haves and have-nots’ is growing according to a report by the Centre for Social Justice (CSJ). The analysis that that the UK is in danger of sliding back into the ‘Two Nations; of the Victorian era marked by a widening gulf between mainstream society and a depressed and poverty-stricken underclass,…
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