Credit, Collections & Insolvency News
The Christmas period is set to cost British consumers almost £1,000 each. A study of 2,000 adults found celebrating the festive season by buying presents, food and drink, and outfits for parties will see them splash out an average of £973.80 per person. Gifts for friends and family take up more than half of the…
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Two in three UK households (66%) expect to return to their normal financial state within three months after Christmas, research from Ferratum Group, a global provider of mobile financial services has revealed. In last year’s Winter Barometer, this figure was just 44%. The Ferratum Winter Barometer, conducted in November 2019, surveyed over 31,000 households across…
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According to new research by online bank Marcus by Goldman Sachs, almost three fifths (59%) of consumers in the UK feel pressured to overspend in social situations, which is costing us an average of £270 a year. The most common reasons why people said they felt pressured to overspend in social situations was because it…
Read moreHousehold debts (excluding mortgages) are on the rise in the UK, according to the Office for National Statistics (ONS). Total household debt in Great Britain was £1.28 trillion in April 2016 to March 2018, of which £119 billion (9%), which suggests that average household debt rose to £9,400. £1.16 trillion (91%) was property debt (mortgages and…
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One in five people who check their credit report find an error, new research from Which? has revealed. The consumer champion surveyed more than 1,000 people to establish their understanding of credit reports and scores, and uncovered a significant number of people finding errors in their reports, many of which went uncorrected. The survey also…
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A new programme of research led by Fair By Design and the Money Advice Trust is set to explore the issue of inclusive design in credit, insurance, energy and other essential services markets. The Inclusive Design in Essential Services project, launching this month, will include the production of two reports in 2020 on how regulators…
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Consumer spending in November grew by just 0.9 per cent year-on-year, representing a decline in real terms when accounting for inflation, as restrained expenditure continues ahead of Christmas according to new data from Barclaycard. The data showed that spending on essentials showed no movement whilst spending on non-essentials was up 1.3 per cent, presenting a…
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New data from StepChnage has revealed the effect of Christmas on people’s finances, with nearly seven in 10 (68%) unable to comfortably afford this festive season and nearly a third turning to credit to help fund Christmas shopping. The survey asked 1,533 people who use social media and will be celebrating Christmas this year about…
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Recent research carried out with over 2,000 UK university students by smart thinking money app, Yolt has found that 69% of students suffer from anxiety as a result of thinking about money. A clear majority of UK university students say that there should be more access to financial education in schools (87%) and that their…
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As consumers get ready to hit the shops to buy their Christmas presents – be that on the high street or online – three in four plan to do so with a specific budget in mind. However, research by Lloyds Bank has shown that, despite their good intentions, nearly half (48%), still expect to overspend.…
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Financial stress among European consumers is rising with almost half (45%) say their bills are rising at a faster rate than their income, thus negatively affecting their general wellbeing according to Intrum’s latest edition of its European Consumer Payment Report. The report says that borrowing culture is on the rise. An increasing number (24%) have…
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Millions of people have fallen victim to credit card fraudsters over the last year, according to new research by comparethemarket.com. Over a fifth (21%) of consumers have had to replace or cancel their credit card as a result of attempted fraud, equating to 11 million people nationwide. comparethemarket.com’s Credit Card Fraud Index found that in…
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A combination of challenging situations are bringing high pressure on young people aiming to manage their money well and achieve financial wellbeing, according to the November 2019 Money Statistics, produced by The Money Charity.The November report draws a number of statistics related to young people together into one page, giving a clearer cumulative picture of…
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