Credit, Collections & Insolvency News
New research from Go.Compare Energy has revealed that 14% of consumers won’t be putting up any Christmas lights this year, so they can save on energy costs. The survey, which asked over 2000 people about their plans for Christmas decorations this year, also found that a further 28% of billpayers will be putting up fewer…
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A third (34%) of single parents have missed paying a household bill to cover the cost of Christmas according to research debt counselling service Money Wellness, More than 50% of single parents with three or more children said being alone made it harder for them to afford the festive period. One in ten said they…
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One in three are unhappy with their finances and 35% fear they won’t be able to afford the retirement they want according to research by Oxford Risk. The data showed that over-55s are struggling in the run-up to retirement with just two out of five (38%) clear on how much money they will need when…
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New analysis by Pepper Advantage, on its portfolio of over 100,000 UK residential mortgages has shown that the arrears environment for residential mortgages has continued to improve – albeit slightly – with a 0.8% drop in the arrears rate relative to Quarter 2 (Q2) 2024. However, the arrears rate for Buy-to-Let (BTL) mortgages continued to rise,…
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New research by Yorkshire Building Society has suggested that almost two in five (39%) 16–27-year-olds, twice the rate of the general population, said they lacked confidence needed to make important financial decisions. This lack of knowledge and confidence is reflected in their behaviours, just half (56%) said they know how to budget and a similar…
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Two-thirds of consumers have used or plan to use retail credit during the Christmas season according to research by Moneyhub. The report has revealed that retail credit users spend an average of £1,012.55 over the holidays, with £759.71 with nearly three-quarters financed through retail credit. The data showed that 64% of people are struggling to…
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Latest figures from the Office for National Statistics (ONS) have shown inflation surged to 2.3% in October, up from the three year low of1.7% in September. The increase was driven largely by higher energy costs and increased housing costs. For a typical household, annual gas and electricity bills went up by about £149 last month…
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A recent poll by MoneyMagpie reveals that almost 40% of parents rely on credit at Christmas – despite also being more likely to save ahead of time for the festive season. The data showed that 37% of parents rely on credit cards to spend on Christmas, while 27% of childfree people do. While it’s to…
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New figures from Opinium for Hargreaves Lansdown has predicted that consumers will spend an average of £611 on Christmas this year. An increase from £569 last year and £576 a year earlier. The research found that one in seven people (14%) will spend more than £1,000. The data showed that men spend more than women (£644 compared…
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Credit Connect hosted its fourth in-person Credit & Collections Technology Think Tank last week in Manchester which saw credit and collections strategies and the impact of the cost of living discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of cost of living impacting customer engagement,…
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New research from Go.Compare has found that financial worries are affecting how consumers are planning for the festive holiday, with over a third (35%) saying they’ve made the tough decision to cut their Christmas budget this year. The research found that 37% admitted they will have to be very careful with money this year. A…
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New research by TotallyMoney data found that one in five adults (19%) are overdrawn by £697 each day with many high street banks are charging between 35%-49.90% APR. This makes overdrafts an expensive way to borrow money, and in line with a typical near-prime personal loan (a prime personal loan would usually be below 10%…
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New research from Pay.UK, owner and operator of the Current Account Switch Service, reveals a stark generational divide in financial confidence and knowledge across the UK. Younger generations, particularly Gen Z, reveal lower levels of financial competence, with only 26% able to correctly calculate compound interest and just 35% understanding how savings accounts work. In…
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