One in five households won’t turn on Christmas lights to save on energy costs

29th November 2023 Consumer Collections | #featured main

New research from Go.Compare Energy has revealed that the number of UK households who won’t be putting up Christmas lights to save on energy costs has increased in 2023. This year, 18% of people told Go.Compare they wouldn’t be lighting up their homes this Christmas – an increase from December 2022, when 16% of bill…

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One in four Scottish people will struggle to afford Christmas

29th November 2023 Arrears and Recoveries |

New YouGov polling commissioned by StepChange Debt Charity has found that one in four people (24%) in Scotland will struggle to afford Christmas this year. The survey also found that one in twelve (9%) people will have to borrow on credit to afford Christmas. One in every twenty people (4%) are still paying off their…

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PayPlan supports campaign to reduce the stigma related to gambling debt

29th November 2023 Consumer Collections |

Debt advice provider, PayPlan is supporting a national public health campaign to reduce the stigma around gambling harms. The nationwide initiative, by charity GambleAware, revealed that 75% of people who had experienced gambling problems felt they couldn’t open up to loved ones, with stigma being the most significant barrier preventing people from opening up. People…

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Families hit by £605 food bill increases in past two years

The average UK food bill has gone up by around £605 over the last two years, as climate and energy costs continue to hit shoppers in their pocket, according to new research for the Energy and Climate Intelligence Unit (ECIU). The report was carried out by researchers from the universities of Bournemouth, Exeter and Sheffield…

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Parents gift children average £109 each at Christmas

28th November 2023 Consumer Collections |

New research by Halifax has found that over three-quarters of parents will give children money at Christmas with their children receiving £109.93 on average. The research found that over three-quarters of parents (76%) make gift giving a touch simpler, by handing over cash at Christmas time with money also gifted on birthdays. The pros and…

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One in three households will struggle to afford Christmas

28th November 2023 Arrears and Recoveries |

New YouGov polling commissioned by StepChange Debt Charity, which explores people’s finances and borrowing habits, reveals that one in four people will struggle to afford Christmas this year, rising to more than one in three (34%) households with children. The survey also found that. one in twelve (8%), around 4 million people, will be relying…

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HMRC set to receive funding to recoup £5bn in unpaid tax debt

27th November 2023 Consumer Collections | #government debt

The Government is to provide £16.3 million into HM Revenue & Customs’ debt management team in a bid to recoup £4.67 billion in unpaid taxes over the next six years. According to Treasury estimates, the injection of cash will help HMRC’s debt management team recoup £515million in taxes in 2024-25. By 2025, over £1billion worth…

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Household debt costs set to double

A run of 14 consecutive interest rate rises has brought worry and financial pain for mortgage holders according to the research by the Office for Budget Responsibility (OBR), The OBR says that the benefit of better returns on savings has outstripped the hit of higher mortgage rates. Our real household disposable income – put simply,…

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Half of workers regret post pay-day purchases

24th November 2023 Consumer Collections |

Over half (52%) of UK workers say they always or occasionally feel regret about what they’ve spent their salary on just one week after payday, with half (50%) of non-essential spend going towards dining out (50%), followed by clothes shopping (48%), takeaways (42%), hobbies and activities (39%), socialising (34%), and subscriptions (32%). New research from…

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Three quarters of households struggling to pay off their monthly credit card balance

Households with children at home are struggling with their monthly credit card repayments according to Compare the Market’s latest Money Action Index. The research reveals that households with children at home have been finding it difficult to manage their finances in the past six months as most have seen their regular bills increase. More than eight…

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One third of older homeowners consider themselves vulnerable

16th November 2023 Arrears and Recoveries |

Nearly a third (32%) of people aged 50 – 79 years consider themselves vulnerable, according to a survey by LiveMore Almost half of those (47%) said it is because they have little or no savings. Nearly two out of five people feel vulnerable due to poor health (37%) or because they feel burdened by bills…

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Personal insolvencies rise by 35%

Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased by 35.7% in October 2023 to a total of 9,881 compared to September’s total of 7,280, and decreased by 6.1% compared to October 2022’s figure of 10,528. Personal insolvencies increased by 2.1% from October 2021’s total of…

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Financial stress in workforce costs businesses £10.3bn every year

A new report by the Centre for Economics and Business (CEBR) on behalf of Aegon has found that the proportion of both full-time and part-time private sector workers missing work due to financial concerns has risen to 12%, – up from 10% in 2021. On average, employees lost 4.7 workdays per year, leading to over…

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