Credit, Collections & Insolvency News
The extra costs of food, energy and remote learning piled financial pressure on low-income families during lockdown according to new research by the Resolution Foundation. The research has revealed that the extra cost of food, energy, and entertaining, distracting and home-schooling children has meant that low-income families with children are twice as likely to have…
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The third national lockdown announced by the Government this week will see the majority of university students stay at home rather than return to their campuses and courses in person. However, staying with families beyond the Christmas break is set to put additional pressure on household finances, according to research from comparethemarket.com. The findings show…
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The Bank of England (BoE) latest figures have revealed that households repaid just over £1.5 billion of credit card debt, personal loans and car finance in November, with weaker consumer spending with the second national lockdown believed to be a contributing factor. Net consumer lending dropping by £1.54 billion marking a 6.7% decline on the…
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Two-thirds of consumers are determined to get on top of their finances in 2021 – after spending more time thinking about money than ever before this year according to research by Samsung. The study of 2,000 adults found many will do things differently in months ahead, including opting to ditch cash altogether in favour of…
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Credit Connect has published its second annual Credit & Collections Technology company power list for 2020. The power listed is a round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies. The…
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New research by Royal London reveals that the pandemic has adversely affected consumers’ ability to access basic financial products. The figures indicate that taking out personal loans, credit cards and overdrafts has become more difficult, and many people are turning to the benefits system, often for the first time. Since the virus hit in March,…
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Over 800,000 private renters in England and Wales have built rent arrears since lockdown measures began according to estimates from new research by the National Residential Landlords Association (NRLA). A survey of tenants for the Association by consultancy Dynata suggests that 7 per cent of private renters have built arrears due to Covid-19 pandemic. Applied…
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New research on average spend on credit cards rises in lead up to Christmas has indicated that it is only 2.6 percent lower than in November 2019 despite nationwide lockdown. Meanwhile, separate statistics show that the average balance of accounts missing two payments is at its highest in the last six years Stacey West, Principal…
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New research from The Nottingham Building Sociaty has revealed that 19% of people expect to spend ‘significantly’ less this Christmas than last year, with a further 28% anticipating they will spend slightly less. Just 4% of people expect to spend more, and 43% anticipate their expenditure will be the same. The Nottingham’s research found that…
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The divide between the ‘haves’ and the ‘have nots’ continues to grow starkly as we move towards the end of a year dominated by the Covid-19 pandemic, according to the December 2020 Money Statistics, produced by The Money Charity. As statistics move into the final months of 2020 and with winter still to come, the…
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Research from global information and insights provider TransUnion has shown consumer optimism improving as the second national lockdown came to an end. Four in ten (42%) UK households are now somewhat optimistic about their financial future, up from 34% a month earlier. The number of households reporting a negative financial impact also shows a slight…
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New research from over 50s finance specialist SunLife has found that, as a result of the pandemic, six per cent of homeowners over 55 would now consider taking out an equity release plan when they previously wouldn’t have. SunLife’s Equity Release Report 2020 shows that: Those who say the pandemic has made them think that…
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New analytics by FICO has shown that average spending on credit cards fell for first time since May. Average credit card limits continued to fall by a further £22 to £5,382 and as issuers start to open their doors to new credit applications, this limit may continue to drop. The highest proportion of accounts, 28.9…
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