Rise in default rates on credit cards and loans

The Bank of England’s latest credit conditions survey for the first quarter of 2024 has revealed a rise in default rates on credit cards and other loans, with overall demand for unsecured lending increased. The data shows that demand for unsecured borrowing rose in early 2024 – driven by credit cards – and is expected…

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Cost living impacting mental health of three in ten young generations

Young people are three times more likely than older generations to have their mental health impacted by money worries, research from responsible lender,Creditspring reveals. Four in ten (39%) people aged 18-34 say theirmental health has significantly worsened as a direct result of the cost of living crisis, compared to just 13% of over 55s. Three in…

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7.4m people struggling with bills and credit repayments

New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments with 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. This is still higher than the 5.8 million recorded in February 2020, before the…

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Household bills predicted to fall by £350

The annual cost of household bills is predicted to drop by £350 on average year-on-year in April 2024, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills is set to decline…

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Mortgage defaults expected to rise by 22% over next 12 months

The UK’s largest specialist mortgage lenders are accounting for a 22% increase in Expected Credit Loss (ECL) provision as mortgage defaults spike, according to a new report from AI powered transaction analytics firm, Fuse. Analysis of the most recent financial statements of ten of the UK’s largest specialist mortgage lenders indicate that lenders are accounting…

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Money Statistics: March 2024

Here is an overview of The Money Charity’s latest statistics for March 2024 Personal debt in the UK People in the UK owed £1,838.7 billion at the end of January 2024. The average total debt per household, including mortgages, was £65,479 and per adult was £34,570, around 99.1% of average earnings. Net mortgage lending increased by…

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Unsecured debt at its highest level for a decade

Latest analysis by StepChange Debt Charity has revealed that there is growing financial insecurity among its clients, with the average person coming to the charity for help having more debt and less money to pay towards it each month. The findings also showed that the average amount of unsecured debt has reached its highest level…

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Six in ten nurses turning to credit as costs rise

25th March 2024 Arrears and Recoveries |

A survey by the Royal College of Nursing (RCN) has found that 77% say they are worse off than a year ago. The findings from the survey reveal a nursing workforce struggling desperately with living costs, with more than three quarters (77%) saying they are financially worse off than 12 months ago. Over two thirds…

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1.3m households would have been in poverty without cost of living payments

The DWP has published a new report reviewing the cost of living support and it’s impact on households with below average income. The report showed that 1.3 million more people would have been in absolute poverty after housing costs in FYE 2023, a 2 percentage point increase, without the additional cost of living support provided.…

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One in ten Gen Z adults are more than £10,000 in debt

21st March 2024 Arrears and Recoveries | #debt

A new survey by credit management company Lowell revealed that British Gen Z adults owe on average £5,069 of debt, with 13% owing more than £10,000, a further 61% of people admitting financial decisions they have made are already starting to affect their future goals. With almost half (48%) of Gen Z outlining credit card debt as their main…

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Four in five people aren’t seeking financial advice despite debt difficulties

Debt difficulties may be a reality for the majority of households, but even this isn’t enough to stop many struggling in silence and running the risk of spiralling into persistent problem debt, according to research by Fair4All Finance, the not-for-profit financial inclusion organisation. The research on the hidden impact of the cost-of-living crisis reveals widespread…

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Poverty’s toll on the nation’s health is a ‘mounting catastrophe’

20th March 2024 Arrears and Recoveries | #poverty

The Joseph Rowntree Foundation (JRF) is warning that the nation’s health can’t be protected only through NHS reform, as new JRF-backed research by the King’s Fund health and care think tank exposed the staggering toll poverty is taking on NHS services. With almost four million people in the UK facing destitution in a single year,…

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Mortgage missed payment levels rise

Missed payment rates among mortgage holders have returned to levels seen at the height of the cost of living crisis, Which?’s latest consumer insight tracker finds, as the Spring Budget leaves some feeling low about their future household finances. In the month (up until 8th March), 8.1 per cent of mortgage holders missed essential payments…

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