Credit, Collections & Insolvency News
Credit Connect’s hosted the latest edition of the Connected News series last week which saw a discussion focused on the delivery of responsible vulnerable communications strategies and the future of the sector discussed by four leading collections professionals. Banks, credit card providers, building societies, loan providers, collections specialists, utility firms and fintechs were amongst the…
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The easing of Covid restrictions has coincided with a loosening of people’s purse strings, according to data from Nationwide’s latest quarterly Spending Report that shows both essential and non-essential spending have soared. The amount spent on non-essential items, such as holidays, leisure, gardening, eating out and even charity soared during the second quarter of the…
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The UK’s over-55s are expected to borrow £10 billion more in 2021 as consumer confidence returns to a post-Covid economy, according to new research from equity release lender, more2life, and economics consultancy, Cebr. The research reveals that the total amount of both secured and unsecured debt owed by the over-55s will rise from £226bn in 2020…
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Latest UK Finance data has indicated that outstanding balances on credit card accounts had fallen 12% in a year to £53.3 billion, down from 19% a month earlier. The April figures showed that there were 33.9 million credit cards with balances at the end of the month, this was down 7% from April last year…
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Older homeowners received a £1.94 billion property wealth boost in the first six months of the year as the equity release market continued its lockdown recovery, new data from equity release adviser Key shows. The number of equity release plans taken out rose by 3% in the six months to June 30th to 20,445 compared…
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New research by the TUC (produced by Landman Economics) has revealed that over a million children of key workers are currently living in poverty. The research, which used the government definition for key workers, found that in some regions more than a quarter of children in key worker households are living in poverty. Key worker…
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One in three people (34%) think their parents will need paid-for care later in life according to research by Opinium. When asked whether their parents could afford it, 45% said they had enough in savings, and 30% said they would have to sell the house to pay care bills while almost one in ten (9%)…
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Consumer spending figures from Barclaycard show that activity in June was 11.1% higher than in the same month of 2019. Barclaycard said spending on fuel, hotels, resorts and accommodation all grew for the first time since the pandemic began. Spending at pubs and bars rose by 38.1% as customers opted to watch big sporting events,…
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New research by Money.co.uk has shown that 18-24 year olds are more likely to use Buy Now Pay Later schemes (54%) than a credit card (49%) The research follows on fromt the news that Buy Now Pay Later (BNPL) transactions are set to exceed 1.5 billion transactions by 2026. Money.co.uk’s latest ‘Shop Now, Stress Later’…
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Despite bearing much of the negative economic impact of the pandemic, Gen Z and Millennials are becoming less concerned about the long-term impact of Covid-19 on their household finances, according to recent research from global information and insights provider TransUnion. In the company’s Consumer Pulse study, which has been tracking the financial impact of the…
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Young adults well protected from increased hardship through the pandemic but a risk that many will bear scars of the recession for years to come according to new research by the Institute for Fiscal Studies, funded by the Joseph Rowntree Foundation. The report says that the careers of young adults have been heavily disrupted by…
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Despite Covid-19’s impact on personal finances, over three quarters (77%) of UK homeowners over the age of 40 are confident about their current financial situation, research from Canada Life has revealed. However, when looking further ahead, they are less positive about their retirement prospects. 16% don’t feel they will have enough pension savings to fund their…
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Here is an overview of The Money Charity’s latest statistics for June 2021 Personal debt in the UK People in the UK owed £1,714.4 billion at the end of April 2021. The average total debt per household, including mortgages, was £61,509 and per adult was £32,355, around 108.7% of average earnings. Net mortgage lending rose by…
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