Credit, Collections & Insolvency News
UK Finance has announced its latest household finance update for May 2018. The highlights from the report include: Credit card spending was 2.3 per cent higher in May than a year earlier, with outstanding levels of card borrowing having grown by 5.7 per cent over the year. The total of 193 million credit card purchases…
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A new study by Dun & Bradstreet examining the current state of the compliance and procurement functions, as measured through professional sentiment on related issues like regulation, fraud, technology, and resource has found that increasing regulation continues to be the chief concern for professionals in these industries, while the overall outlook sentiment is positive. The…
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The switch to Universal Credit is hitting parents with upfront childcare bills that have reached £1,000, new analysis from Save the Children has revealed. In a new report, the charity has warned that this will force families into ‘childcare debt’ or block them from going back to work unless the government makes urgent changes. The report…
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Credit cards are getting more expensive according to new data released by Moneyfacts which revealed that credit card borrowing is rising by around £3 billion year-on-year and £318 million of debt on plastic was written off in the first quarter of 2018. The report says that it is more likely than not that interest rates…
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In 2016–17, 27% of 25-54-year-olds (6.9 million people) reported having a longstanding illness, of which 18% (1.3 million) reported having a longstanding mental health problem. The number with a longstanding mental health problem rose by 250,000 since 2013–14. These are among the key findings from IFS’s annual report on Living Standards, Poverty and Inequality…
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New research by Santander Mortgages shows that average mortgage repayments are now lower than average rental payments in every region of the UK. Potential first-time buyers would have lower monthly outgoings if they bought a property rather than renting one. The research shows that homeowners could save £2,268 a year if they were able to…
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The Financial Conduct Authority (FCA) has published the latest analysis from its Financial Lives survey. The report found that unsecured debts in rural areas are generally lower with the average amount owed by a town or city resident over a £1,000 more (£3,600) compared with someone in a rural area (£2,510). In rural areas, where…
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New research from StepChange Debt Charity has found that one in five its clients had an additional vulnerability (such as illness), on top of their problem debt. New analysis from the charity now shows that they tend to be in a notably worse financial position than other clients. This underpins the importance of the financial…
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Hyundai Motor has found that over a third of Brits don’t now shop around before buying a new car, opting for the first car that they go to see. The research also finds that even though people are viewing fewer cars before making their choice, many will still bring someone with them to help look…
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Almost three-quarters of the nation fear their personal details will be stolen everytime they hand over bank details and email addresses to companies, it has emerged. Two thirds are concerned their data may have been stolen without their knowledge. The general distrust of organisations and web-based stores emerged in a study of 2,000 adults, which…
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The popularity of contactless payments, online shopping and smartphones is having a significant effect on how we manage our money and pay for things, leading to debit cards overtaking cash as the most frequently used payment method in the UK, according to the latest research from UK Finance. The latest UK Payment Markets report shows…
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Here is an overview of The Money Charity’s latest statistics for June 2018: Personal debt in the UK People in the UK owed £1.539 trillion at the end of April 2018. This is up from £1.535 trillion at the end of April 2017– an extra £949.30 per UK adult. Per adult in the UK that’s an average debt of…
Read moreOnline research from Equifax has revealed that over a third (37%) of consumers believe the UK will be a cashless society within the next 10 years. Over half (53%) of 16-34 years olds believe we’ll be reliant on digital and card payments by 2028, compared to just 22% of those aged 55 or above. However, the…
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