Credit, Collections & Insolvency News
More than half (54%) of insurance customers who use credit have borrowed more in the past year, with the cost of living challenges as the key reason, according to new research from Premium Credit. The data shows that around three out of four (75%) insurance customers use some form of credit to pay for one…
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Days before the Chancellor delivers the Autumn Budget, more than half of adults (52%) expect it to leave them worse off, according to new research from Creditspring, with just 12% expecting to be better off, so pessimists outnumber optimists by more than four to one. The research shows that many households go into the Budget with…
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More than a third (36%) of households in Britain with an annual income of less than £40,000 have skipped meals or eaten less because of financial pressures in the last three months, according to the latest Vanquis Financial Wellbeing Index. Over the same period, more than a quarter (27%) have delayed medical or dental treatment…
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Average active UK credit card balances surpassed £2,000 in August, marking a historic high, according to FICO. Payment rates fell after a brief recovery, contributing to increased balances. Average spending rose by 3.1% month-on-month to £840, 3.3% year-on-year, marking the highest annual growth rate in over a year. The average credit limit also crossed £6,000…
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Millions of households that appear financially secure today could be vulnerable to future financial shocks, according research by Yorkshire Building Society in collaboration with the University of Bradford, which provides a practical framework for understanding financial vulnerability and resilience. Drawing on data from 10,000 UK adults and advanced predictive modelling, the report finds that many households…
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A new survey by credit card brand Aqua has revealed that almost two in five people (38.8%) typically run out of money before their next payday. Almost a quarter of people (23%) worry every day about having enough money till payday, highlighting the financial pressures many households may face when trying to make their income…
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New analysis from debt advice provider PayPlan has found that the average person seeking debt advice in 2026 is juggling 10 separate unsecured debts (such as credit cards, personal loans and overdrafts) totalling £22,717 – and is left with just £194 a month once essential living costs are met. The findings, drawn from 24,406 people…
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The Bank of England has held interest rates at 3.75%. Policymakers voted 6-3 to make no change, with three members voting for an increase by 0.25 percentage points. Three members voted to increase base rate by 0.25 percentage points, to 4%. Tamsin Powell, Consumer Finance Expert at Creditspring, said “Today’s decision to keep the base…
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New polling from StepChange Debt Charity reveals that almost one in six (15%) of adults, equivalent to more than 8 million people, find keeping up with their credit card repayments a very or fairly large burden each month, highlighting the growing challenge of credit card debt across the UK. The research, conducted by YouGov on…
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Credit Connect has published the annual 2026 Credit & Collections Industry Awards Review. The annual review highlights why the judges decided the winners at this year’s Industry Awards, which were announced in May in York. The review provides background and context for the award results, recognising companies for advancing industry standards and excellence. The review…
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Credit card defaults in the UK have surged to their highest level since the 2008 financial crisis. Bank of England data indicates a significant uptick in the number of people defaulting on credit card payments, the largest increase since 2009. The data shows a sharp rise in defaults on credit cards and other unsecured loans.…
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New research from the National Audit Office (NAO) has revealed that millions are missing out on vital support with energy and water bills. This comes as over £7 billion worth of debt is owed to energy and water companies. The report examined how Ofcom, Ofwat and Ofgem support consumers in vulnerable circumstances and whether people…
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Credit Connect has announced its 2026 Industry Leaders list. The Leaders list was announced as part of the inaugural Industry Leaders Dinner at the Eastwood Hall in Nottingham, which is part of the Credit Connect Spring series event. The Spring event series also includes the Commercial Credit & Collections Conference, Credit & Collections Think Tank…
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