Credit, Collections & Insolvency News
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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Research HBB Solutions, has indicated that South East has the most repossessed homes and the high cost of homeownership in the region could see it cement its place as the nation’s repossession hotspot, as rising inflation and interest rates pose further economic instability for the year ahead. Previous research by HBB Solutions revealed that the…
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New analytics from Fico has found that the percentage of credit card accounts with one and two months missed payments has increased month-on-month with it appearing that repayments remain a priority for credit card holders, suggesting that there will be greater reliance on credit over the coming months as the cost-of-living crisis deepens due to…
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Here is an overview of The Money Charity’s latest statistics for May 2022 Personal debt in the UK People in the UK owed £1,781.7 billion at the end of March 2022. The average total debt per household, including mortgages, was £64,107 and per adult was £33,686, around 108.0% of average earnings. Net mortgage lending rose by…
Read moreLife is fast becoming unaffordable for many older households on low and modest incomes, with millions unable to pay for basic items, according to a new report by Age UK. The charity is warning that those on the very lowest incomes are spending almost a fifth (18 per cent) of their after-tax household income on…
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Nearly half of consumers (42%) are using loyalty schemes to combat the cost of living, according to market research by loyalty eWallet and Swapi. This research has shone a light on the current consumer loyalty trends and the reliance on retail loyalty schemes to help combat rising costs. This was mirrored in the amount of money…
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One in five people in Scotland are running out of money before payday, new polling for Citizens Advice Scotland (CAS) by YouGov has revealed. The polling shows 9 per cent of people always run out of money before pay day – defined as wages as well as pensions and benefit payments. A further 11 per…
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