Credit, Collections & Insolvency News
A new report from the Resolution Foundation has examined the impact of rising energy bills on low, middle and high-income households this winter, with the price cap forecast to hit £3,600 in October and top £4,500 in January. The report notes typical energy bills will cost around £2,000 more this year than last year –…
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New research from Aegon shows that, for the rest of 2022, adults’ top financial priorities will be meeting the rising cost-of-living (41%) and ‘just getting by’ (31%) as they grapple with the soaring cost of household staples. These findings are in stark contrast to the outset of the year when the mood of the nation…
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Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1st October 2022. The increase is up 80% from the current cap of £1,971, and up 178% from the £1,277 cap in March this year. The price cap increase comes as Ofgem’s CEO warns…
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Here is an overview of The Money Charity’s latest statistics for August 2022 Personal debt in the UK People in the UK owed £1,805.7 billion at the end of June 2022. The average total debt per household, including mortgages, was £64,970 and per adult was £34,140, around 108.4% of average earnings. Net mortgage lending rose by…
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MoneyPlus Advice, a Manchester-based debt advice firm offering help to people struggling with unmanageable debt says they are seeing startling data for just how much cost of living is influencing debt enquires. Between 2020 and 2022, customers citing ‘cost of living’ as their reason for seeking debt advice, increased by 450%. A sharp increase of…
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The minimum wage should be increased to £15 an hour as soon as possible to help millions of low-paid workers struggling amid the cost of living crisis according to the Trades Union Congress (TUC) The current minimum wage for those 23 and over is £9.50 – with lower rates for those who are younger. The…
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Energy bills could hit £5,300 a year by next April according to predictions by Cornwall Insight. The research has found that households will face an 80% rise in bills going into the winter period when energy use soars. The predictions show a typical household will be paying £3,553 equivalent per year for their energy bills.…
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According to comparethemarket.com’s latest Household Financial Confidence Tracker, more than a third (38%) of households with children at home are having to take on additional debt or borrowing specifically over the summer holidays to afford everyday bills and childcare. The research found that to try and save on childcare costs, almost one in two parents (46%) are relying…
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Consumer confidence has fallen to a record low, according to research from data provider GfK. The consumer confidence index for August decreased by three points to minus 44, the lowest level since records began. All five measures – which include confidence in personal finances, general economic outlook, and savings – were down in comparison to…
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New analysis by consultants LCP of detailed data on household spending patterns suggests that many elderly widows and those on pension credit were already at high risk of living in fuel poverty even before the surge in energy bills in recent years. Even if the government comes up with additional help to cover increased bills,…
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New analysis from Citizens Advice has indicated that one in four (24%) people won’t be able to afford to pay their energy bills in October based on current forecasts. This is double the number already in the red ahead of the price cap rise. The figure could jump to one in three(34%) people in January…
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Real average weekly earnings fell by 3 per cent in the three months to June, the biggest fall since 1977 according to the Resolution Foundation in response to the latest ONS labour market statistics. The latest data is dominated by near double-digit inflation, which according to the Foundation’s analysis of longer-term ONS and Bank of…
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Millions of students face a rise in living costs far in excess of the slight increase in support from maintenance loans when the new academic year begins according to new research by interactive Investor. This follows a 9% annual increase in the prices of popular student basics over the year to June 2022. For students…
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