Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for November 2024 Personal debt in the UK People in the UK owed £1,868.1 billion at the end of September 2024. The average total debt per household, including mortgages, was £65,777 and per adult was £34,594, around 95.3% of average earnings. Net mortgage lending increased by…
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New research by StepChange Debt Charity has found that low pay, unemployment and high housing costs are driving debt problems among its clients aged 18-24. A new from the charity shows incomes are 28% lower among its clients aged 18-24 compared to all StepChange clients, equating to £490 less per month. With rent taking up…
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One in three are unhappy with their finances and 35% fear they won’t be able to afford the retirement they want according to research by Oxford Risk. The data showed that over-55s are struggling in the run-up to retirement with just two out of five (38%) clear on how much money they will need when…
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Two-thirds of consumers have used or plan to use retail credit during the Christmas season according to research by Moneyhub. The report has revealed that retail credit users spend an average of £1,012.55 over the holidays, with £759.71 with nearly three-quarters financed through retail credit. The data showed that 64% of people are struggling to…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell in October with 8,952 individuals entering into insolvency, this was 14% lower than in September 2024. The personal insolvencies consisted of 596 bankruptcies, 3,793 debt relief orders (DROs) and 4,563 individual voluntary arrangements (IVAs). Monthly DRO numbers between…
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Latest UK Finance data releases has shown tha credit card spending and transactions increased in August 2024. The data showed that there were 381 million credit card transactions in August, 1.3 per cent more than in August 2023. The total spend of £20.9 billion was 1.9 per cent higher than in August 2023. There were…
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A new report, from the Credit Services Association (CSA), the trade body for the debt collection and purchase sector, has recommended an urgent in-depth review of rising financial services regulatory costs, and their impact on innovation, growth and competition. The report warns that if the sector continues to face rising regulatory costs, firms, markets, and…
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Latest data from the Ministry of Justice has shown that mortgage possession claims rose by 56% in the last quarter (July to September 2024) when compared to same quarter in 2023. The latest quarter saw a total of 6,525 mortgage possession claims compared to the same quarter of 2023 (4,188) and a significant 77% increase…
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New research by TotallyMoney data found that one in five adults (19%) are overdrawn by £697 each day with many high street banks are charging between 35%-49.90% APR. This makes overdrafts an expensive way to borrow money, and in line with a typical near-prime personal loan (a prime personal loan would usually be below 10%…
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Growth in rent and mortgage spending increased to its highest rate in 13 months, at 6.4 %, last month according to the latest Barclays Property Insights report. The report found that more than half of Brits (55 %) are confident they can afford their monthly rental or mortgage outgoings – an increase compared to September…
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Latest data from StepChange has found that two in five (41%) have found it difficult to keep up with bills and credit commitments in the last few months. The debt charity data has also found that, among those with a mortgage seeking debt advice, mortgage arrears have been steadily rising this year. The average arrears…
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New research by Hargreaves Lansdown has found that one in four people (26%) said they wouldn’t talk to anyone if they had money worries. The data also shows that this figures rises to 30% among men and 36% among those aged 55 and over. The research found that 13% would speak to a debt charity…
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New data has revealed a significant increase in debt levels for those approaching or in retirement, with the average debt for ‘baby boomers’ climbing by over 11% in the third quarter of 2024. In comparison to the previous year, boomers’ average debt levels now stand at an average of £19,571. The average debt levels across…
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