Credit, Collections & Insolvency News
New research from the Building Societies Association (BSA) has found that showed more than six in ten (61%) people in work are finding their bills and credit commitments a burden, with close to one in five employees not being able to cover their living expenses for one month if they lost their main source of…
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New research by Credit Karma has shown that it takes women more than two years to bounce back financially after having a baby, leaving many fearful about their own financial security and nearly a quarter (23%) convinced they’ll never return to the financial position they were in prior to giving birth. The study of new…
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Research by London rental platform, Rentd, has indicated that rental cost increases have contributed to a strain on household finances for 86% of UK tenants, with many facing further cutbacks should their household costs continue to increase. The survey of over 2,000 UK tenants commissioned by Rentd found that, since the start of the year,…
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Tenants in privately rented properties risk ‘falling through the crack’ when it comes to the recently announced energy bill support, Citizens Advice has warned. The charity has conducted research which found more than one in eight private renters – equivalent to half a million (585,000) people – may miss out on vital support to cope…
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More than two in five Buy Now Pay Later (BNPL) customers borrowed money to make repayments research bt Citizens Advice has found. The types of borrowing included overdrafts, borrowing from friends and family, loans and payday loans. The most popular was credit cards (26%). Younger shoppers were most likely to borrow to pay off BNPL…
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As the cost of living crisis continues to worsen, the impact on households is continuing to evolve, with people suffering psychologically as well as financially, as revealed by the latest Inflation Nation report from the Yorkshire Building Society. According to the report, more than two thirds (67%) of adults are concerned by the impact of…
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New data for April from StepChange Debt Charity shows that the cost of living is now the second most commonly cited reason for debt, up from the third most common in March and the sixth most common in 2021. The proportion of clients citing the cost of living as a driver of their problem debt is now 15%,…
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Research HBB Solutions, has indicated that South East has the most repossessed homes and the high cost of homeownership in the region could see it cement its place as the nation’s repossession hotspot, as rising inflation and interest rates pose further economic instability for the year ahead. Previous research by HBB Solutions revealed that the…
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New analytics from Fico has found that the percentage of credit card accounts with one and two months missed payments has increased month-on-month with it appearing that repayments remain a priority for credit card holders, suggesting that there will be greater reliance on credit over the coming months as the cost-of-living crisis deepens due to…
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Here is an overview of The Money Charity’s latest statistics for May 2022 Personal debt in the UK People in the UK owed £1,781.7 billion at the end of March 2022. The average total debt per household, including mortgages, was £64,107 and per adult was £33,686, around 108.0% of average earnings. Net mortgage lending rose by…
Read moreLife is fast becoming unaffordable for many older households on low and modest incomes, with millions unable to pay for basic items, according to a new report by Age UK. The charity is warning that those on the very lowest incomes are spending almost a fifth (18 per cent) of their after-tax household income on…
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Nearly half of consumers (42%) are using loyalty schemes to combat the cost of living, according to market research by loyalty eWallet and Swapi. This research has shone a light on the current consumer loyalty trends and the reliance on retail loyalty schemes to help combat rising costs. This was mirrored in the amount of money…
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New research by Institute for Fiscal Studies (IFS) has found that inflation for the poorest households is likely to increase even faster than for the richest, and could hit 14% in October. The IFS analysis incorporating an £800 increase to Ofgem’s tariff cap in October shows that the pattern of poorer households being hit harder…
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