Credit, Collections & Insolvency News
Millennials are still bearing the ‘economic scars’ of the 2008 financial crisis and are struggling to catch up with the living standards of older groups while their new research shows from the Resolution Foundation has found. The research compares the fortunes of millennials – born between 1981 and 2000 – with their predecessors, including Generation…
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UK Finance has released its latest mortgage arrears and possessions for Quarter 3 (Q3) with figures indicating that residential mortgage arrears have increased by 18% and buy-to-let mortgages in arrears also rising by 29%. The latest data shows that there were 87,930 homeowner mortgages in arrears in Q3 2023, seven per cent more than the…
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New research from Standard Life has found that almost one third of parents (30%) with children under 18 are finding their financial situation difficult, which compares to 22% of people without children. This comes during a second full year of high inflation, with the cost of essentials like food and household bills still outpacing income…
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Consumer card spending grew just 2.6 % year-on-year in October – noticeably less than the latest CPIH inflation rate of 6.3 % and the smallest uplift since September 2022 (1.8 %) as consumer’s concern over rising energy bills and outgoing costs ahead of the festive period hindered discretionary spending according to latest spending analysis from…
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New research conducted by StepChange Debt Charity has revealed that its clients who are women face an average budget shortfall of £30 per month, which is £70 less than men’s average monthly surplus of £40. The charity’s new report, Bearing the burden, which has been published during Talk Money Week, looks at how debt differs between…
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Latest spending figures from the British Retail Consortium (BRC) have indicated that total retail sales increased by 2.5% in October, against a growth of 1.6% in October 2022. This was below the 3-month average growth of 3.1% and the 12-month average growth of 4.2%. Food sales increased 7.9% on a Total basis over the three…
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New research by National Institute of Economic and Social Research (NIESR) has found that low to middle income households are facing seven years of falling living standards NIESR says that GDP growth will remain sluggish in 2023 and 2024 as the monetary policy tightening continues to bite and expects GDP growth of 0.6 per cent…
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New research by StepChange Debt Charity has revealed women are more likely to have energy debt, pay more on household essentials and have been disproportionately impacted by the cost of living crisis. The charity’s new report Bearing the burden, looks at how the gendered picture of debt differs, exploring why women are more vulnerable to…
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More than eight in ten (85%) personal insolvency experts expect to see a rise in personal insolvency numbers in 2024, according to new research from R3, the UK’s insolvency and restructuring trade body. When asked about the scale of the increase, 58% of respondents expect personal insolvency levels to rise moderately in 2024 compared to…
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Britons are forecasted to spend more in restaurants and physical retail stores this Christmas, with a predicted increase of 3.7% compared to last year. It is also predicted that there will be a 12.9% increase on spending in restaurants, as people come together to celebrate with friends and family during the festive period between 1st…
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More than 16 million people have missed payments on key household bills this year and over two million did so for the first time, according to new research for Talk Money Week 2023. A survey of 3,016 UK adults, commissioned by the Money and Pensions Service (MaPS), shows that a third of people (30%) have…
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New research by TotallyMoney has found that one in two people are paying banks interest on a total of £31 billion of credit card debt every month with the average outstanding monthly balance they’re paying interest on is £2,748. Each year, on the average balance, those with a poor credit score could be paying £1,371…
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Now the clocks have gone back, and households begin switching the heating on, it’s estimated 7 million people are reliant on credit to pay their bills this winter according to research by Creditspring. The research showed that as many as 15% of the adult population (8 million) readily admit they’ll be forced to borrow to…
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