Credit, Collections & Insolvency News
A sharp rise in tax payments and cuts to energy subsidies in the UK were to blame for a steep fall in household incomes during the first three months of the year, according to the Organisation for Economic Cooperation and Development (OECD). In a review of its 38 member states, the OECD said the UK…
Read more
As the UK’s economic outlook remains uncertain and the cost of living crisis persists, financial advisers are seeing significant changes in their clients’ behaviour, with many withdrawing funds to plug the shortfall or opting for a more cautious approach to their finances, according to a recent survey by AKG, sponsored by Standard Life. Close to half…
Read more
Consumer travel spend priorities’ research from Outpayce has revealed that demand for travel is expected to remain robust over the coming 12 months – despite continuing economic uncertainty. International travel was once again ranked by consumers as the highest discretionary spend priority from a basket of six categories. All spend categories edged up compared to…
Read more
New research from Mind has found that almost a third (29 per cent) of people (almost 14 million) in England and Wales have been affected by hearing about or experiencing increasing mortgage costs over the last year. One in ten (10 per cent) said that it had affected their mental health a lot. The figures come…
Read more
The number of households missing essential payments has risen to 2.4 million, in line with the high levels seen last winter according to analysis by Which? Which’s July consumer insight tracker found that 2.4 million households missed or defaulted on an essential payment – such as a housing, bill, loan or credit card payment –…
Read more
More than a third of people (36%) admit that the cost-of-living crisis has put a strain on their friendships, new research TopCashback has revealed. The survey found that respondents most commonly blamed this strain on friends having higher wages or being more time-poor due to increased work commitments. More than two thirds (67%) say the…
Read more
Here is an overview of The Money Charity’s latest statistics for July 2023 Personal debt in the UK People in the UK owed £1,840.1 billion at the end of May 2023. The average total debt per household, including mortgages, was £65,529 and per adult was £34,597, around 103.3% of average earnings. Net mortgage lending increased by…
Read more
Money Wellness is calling for the government to review school uniform grants, after 93% of parents said they were unaware there was any help available. A survey by the company found that 97% of families, already struggling with debt, were worried about being able to afford school uniform this September. The same number (97%) said…
Read more
Consumer confidence fell for the first time in six months, according to a closely watched monthly measure of household sentiment compiled by GfK. All six measures of the survey, which include future and current perceptions of personal finances, major purchases and views on the state of the economy, fell in July. July’s data was the…
Read more
Inflation fell to 7.9% in June, from 8.7% in May, according to the Office for National Statistics (ONS). The price rises, as measured by the consumer prices index (CPI), at the lowest rate since March 2022. The fall in inflation exceeds analysts’ expectations, with a dip to 8.2% having been forecast. The ONS said falling…
Read more
New research from Money and Mental Health Policy has highlighted the urgent need for more joined-up mental health and debt support during the cost of living crisis. The report shows that people who have had mental health problems in the past two years are three times more likely to be behind on at least one…
Read more
Which?’s June consumer insight tracker found that 1.3 million households missed or defaulted on a household bill payment – such as an energy, water or council tax bill – in the month to June. Missed bill payments have been consistently high since January 2022, showing just how many are struggling to make ends meet every…
Read more
Since the cost-of-living crisis began, only one in five consumers (21%) ‘still always book’ all-inclusive holidays, according to new research from Compare the Market. Over a third (38%) of holiday makers have changed their behaviour when it comes to booking all-inclusive holidays due to the rising cost of living, as 21% ‘sometimes book them…
Read more