Credit, collections & insolvency news
As the Monetary Policy Committee (MPC) meets to decide whether to impose a further rise in interest rates, the majority of Britons are already cutting back on their spending.W ith inflation at a 40-year high, the Bank of England’s efforts to cool it down by raising interest rates three times since December last year, has…
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Half (49%) of university students and graduates said that the prospect of student debt made them think twice about taking up their place at university, according to new research from credit reference agency Equifax. The large debt associated with attending university was enough to make graduates think twice, even though they go on to earn £10,000…
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Here is an overview of The Money Charity’s latest statistics for June 2022 Personal debt in the UK People in the UK owed £1,786.6 billion at the end of April 2022. The average total debt per household, including mortgages, was £64,286 and per adult was £33,780, around 105.3% of average earnings Net mortgage lending rose by…
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Latest figures from the British Retail Consortium have shown that shop price annual inflation accelerated to 3.1% in June, up from 2.8% in May. The rise is above the 12- and 6-month average price increases of 1.0% and 2.3%, respectively. This marks the highest rate of inflation since September 2008. Food inflation strongly accelerated to…
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An unfurling backlog of weddings and other milestone social occasions following the pandemic is adding pressure to people’s already stretched finances, as one in four people (24 per cent) can’t afford to accept all of their wedding invitations, according to new research launched today by Experian. Three in ten (31 per cent) said they have…
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A new report from the Centre for Social Justice supported by Lowell has revealed thedire state of financial literacy in Britain and recommends compulsory money management lessons for primary school students. The report finds that lack of financial knowledge among children is posing unprecedented risks with nearly 14 million adults with experience of financial problems…
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A third (33%) of households have multiple individual memberships for the same streaming service, when they could be saving money by paying for one household membership instead, according to research from comparethemarket.com. The research found that households spend £50 on average each month on paid-for subscriptions, the equivalent of £600 a year, with 32% spending…
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As the Monetary Policy Committee (MPC) meets to decide whether to impose a further rise in interest rates, the majority of Britons are already cutting back on their spending figures from the Building Societies Association (BSA) With inflation at a 40-year high, the Bank of England’s efforts to cool it down by raising interest rates three…
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The cost of childcare has soared over the past decade and is now more than £2,000 a year higher than it was in 2010, according to analysis from the Trades Union Congress (TUC). The analysis shows that nursery fees for under 2s have risen by £185 a month – or £2,200 a year – since…
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New research from the Building Societies Association (BSA) has found that showed more than six in ten (61%) people in work are finding their bills and credit commitments a burden, with close to one in five employees not being able to cover their living expenses for one month if they lost their main source of…
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New research by Credit Karma has shown that it takes women more than two years to bounce back financially after having a baby, leaving many fearful about their own financial security and nearly a quarter (23%) convinced they’ll never return to the financial position they were in prior to giving birth. The study of new…
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As the cost of living crisis continues to worsen, the impact on households is continuing to evolve, with people suffering psychologically as well as financially, as revealed by the latest Inflation Nation report from the Yorkshire Building Society. According to the report, more than two thirds (67%) of adults are concerned by the impact of…
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Nine out of ten (93%) 11-18-year-olds in the UK are aware of the cost of living crisis and six out of ten (61%) worry about their parents or guardians not having enough money to do the things they want or have the things they need, according to new research from Yorkshire Building Society. More than…
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