Credit, Collections & Insolvency News
Eight in ten people (81%) are cutting the amount they spend on gifts this Christmas according to new research from Hodge, which found more than half (53%) won’t be able to spend as much on Christmas this year. A third said they had been saving more than usual for Christmas and a similar amount (37%)…
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New research by credit management company Lowell has found that one in four consumers are relying on credit cards to fund Christmas this year. The research found that the average adult spent £548 on presents alone. With 55% more consumers feeling the pressure to buy extra this year, it could be questioned if these figures…
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Squeezed household finances and the highest level of inflation for decades have resulted in fewer than a quarter (24%) of people surveyed by YouGov for StepChange Debt Charity saying they will comfortably be able to afford Christmas this year, compared with nearly half (45%) last year. A further one in four people (25%) say they…
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The cost of Christmas dinner items has risen three times faster than wages this year, according to new analysis published by the TUC . The analysis shows the cost of traditional Christmas dinner items such as turkey, pigs in blankets, carrots and roast potatoes has risen by on average 18 per cent over the past…
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Nearly four in ten people feel their finances are in a state of chaos, as bills, taxes, food prices and transport costs put a strain on their income. A poll of 2,000 UK adults found 27 per cent are currently in some kind of unsecured debt, estimating it will take them over three years to…
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Half a billion pounds has been spent on subscriptions that auto-renewed without people realising in the last year, according to new research from Citizens Advice. The charity, which is calling for a ban on subscription auto-renewals, warns that many contracts rollover automatically, without a customer needing to give consent. This can lead to people being…
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Food price inflation hit a new high of 12.4% in November as the price of basics such as eggs, dairy products and coffee increased. Inflation rose to 14.3% from 13.3% in October –with rises expected to continue into next year according to the latest data from the British Retail Consortium.The research showed that shop price…
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Faced with the cost of living crisis and interest rates continuing to rise, many consumers may feel pressured to spend more than they can afford this Christmas, increasing their risk of ending up in debt they struggle to get out of according to research by NerdWallet. As part of the company’s new 2022 Household Debt…
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More than half of homeowners are worried about climate crisis according to new research by Hodge Bank. The research found that 62% claim to understand benefits of retrofitting their homes to improve energy efficiency, and 42% rate it as a priority, whilst more than half of British householders (52%) are worried about the climate crisis.…
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New research by LifeSearch Health has found that Christmas spending is set to fall by £12.5 billion this year. The research found that women look set to make the biggest Christmas cut-backs this year, totalling £7.3 billion (£310 per head on average vs £266 by men), reflecting the struggles of the cost-of-living crisis. One in…
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Four in five employees across the UK are concerned about ongoing increases to the cost of living (79%), according to new research from Aviva which shows the over-45s are collectively the most affected. The research found that among lower income employees – those earning less than £30,000 – nearly a third (30%) report that their…
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Intrum’s annual European Consumer Payment Report has shown that inflation is a major concern for consumers. Consumer confidence has plummeted, and more than a third are struggling to make ends meet. Surging inflation has created a wave of financial anxiety as households struggle to meet their commitments. Two out of every five believe they will…
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Older people will spend a higher share of their income on energy bills this winter than other age groups – with the over-75s expected to spend 8 per cent of their total household income on bills, even with significant government support – but younger households are most at risk of being unable to pay bills…
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