Credit, Collections & Insolvency News
The Resolution Foundation think-tank has warned that the UK faces the tightest squeeze on real incomes since the second World War due to soaring inflation. With the Bank of England forecasting that Britain is set to see its longest recession since records began in the 1920s, the Foundation has cautioned that the average household will…
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More than one in three motorists (35%) have struggled to afford the cost of driving in the past month, according to new research from Comparethemarket. The research found that four in ten motorists (40%) fear they will no longer be able to keep driving if costs continue to increase. Separate figures from Comparethemarket show the…
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Nine million people across the UK have no savings and another five million have less than £100, according to new research from the Money and Pensions Service (MaPS). The survey of 3,000 adults, carried out for Talk Money Week, shows that one in six (17%) have nothing put away and another one in ten (9%)…
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The Bank of England has raised interest rates from 2.25% to 3%. The increase is the biggest rise for 33 years, taking rates to their highest point since they were slashed during the financial crisis, at the end of 2008. Responding to the announcement, Jane Tully, Director of External Affairs and Partnerships at Money Advice…
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The Bank of England has forecasted a prolonged recession and a deep income squeeze next year, as it scaled back expectations of future interest rate rises despite raising interest rates by 75 basis points to 3 per cent. The Monetary Policy Committee voted to raise Bank Rate by 75 basis points – the biggest single…
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The Money Charity has announced that 250,000 young people have been taught financial education since 2010 with their money workshop While Financial Education as a subject has officially been on the Curriculum since 2014, many schools and colleges still lack the resources and confidence to deliver this themselves. The Money Charity meets this need through…
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One in four (28.4%) children with care worker parents are growing up in poverty according to research by the TUC. The analysis carried out by Landman Economics shows that 220,000 kids with at least one social care worker as a parent are in poverty. The union body warned this number is on course to rise…
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Consumers are planning to go into debt this Christmas, with parents and low-income families most at risk, according to SurveyMonkey research from Momentive. The research looked at how consumers were planning to shop this Christmas, and found that 77% of lower-income consumers (earning under £22,000 a year) are worried they won’t be able to purchase…
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Debt charity, StepChange has reported that once again, September saw the cost of living being the most commonly cited reason for debt among new clients, with more than one in five (22%) saying it was a cause of difficulty. The proportion of clients with energy bill arrears also continued to creep up. Among clients with…
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More than a quarter of mortgage holders wouldn’t be able to afford their monthly repayments if they increased by £100 a month, according to new research from Citizens Advice. The research found that nearly half (45 per cent) would be unable to make their payments if they rose by £250 a month. In September, 49…
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Financial education charity, The Centre for Financial Capability, is calling on the Government to intervene in the growing cost of living crisis, as households across the North of England in particular struggle to make council payments. New research published by The Centre has found that over the last five years, the number of households struggling…
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Britons looking to grow their families and struggling to do so are dipping into their savings (34%), swiping their credit cards (19%), or borrowing money from friends and family (19%) to finance their fertility treatment. What’s more, 73% of those who have already undergone treatment say they were willing to take on debt to do…
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Over two-thirds of adults are planning to cut back on festive spending this year due to a worsening cost of living crisis, according to a survey by Accenture. Despite concerns around Brexit, spending on Christmas purchases is likely to increase in the U.K. this year, with more than a third (37 percent) of consumers planning…
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