Credit, Collections & Insolvency News
It would take the average person in the UK 26 years and 9 months to pay off the average credit card debt, if they only make the minimum payment each month, according to the May 2019 Money Statistics, produced by The Money Charity. With the average credit card debt per UK household standing at £2,655 in March…
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Here is an overview of The Money Charity’s latest statistics for May 2019: Personal debt in the UK People in the UK owed £1,633 billion at the end of March 2019. This is up from £1,588 billion at the end of March 2018, an extra £852.40 per UK adult over the year. The average total debt per…
Read moreLatest household finance update statistics from UK Finance, show that £11.4 billion was spent on credit cards in April 2019 this was 11.7 per cent higher than the same month in 2018, This growth in spending reflects consumers’ increased preference for using credit cards as a means of payment, particularly online, because of purchase protection…
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New research by eToro has found that the female of the species to be more financially responsible than their male counterparts. According to the report, women are more likely to know exactly how much money they have in their current and savings accounts. It also emerged men spend more money on impulse purchases, dropping £65…
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Financial wellbeing is deteriorating at its fastest pace since September 2017 despite a sustained rise in income from employment according to a new report IHS Markit. The report found that household finances were squeezed to the strongest extent since September 201 whilst workplace activity and incomes from employment continue to rise. The outlook towards future…
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The average consumer doesn’t begin to worry about their debt until it hits £6,012, a new study has found. The research also revealed many only consider themselves to be ‘in debt’ once they are £3,882 in the red. But they only begin to see the deficit as a ‘serious concern’ when they owe more than…
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According to the National Numeracy Day campaign, around half the UK’s adults have poor numeracy skills. Yet evidence suggests becoming a “numbers person” can help you save money and make money. To mark National Numeracy Day, StepChange is hosting a “Budgeting Special” Facebook Live event from 12:30pm onwards [15 May], to which questions can be…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2019 was 24, 47.8% lower than in the first quarter of 2018. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.08% in the twelve months to March 2019.…
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Three in ten (28%) consumers ran a ‘deficit budget’ in the past month, spending more during the month than they received in income, according to new research from R3, the insolvency trade body, and ComRes. One in six consumers (17%) spent up to £100 more than they received in income over the past month; 7%…
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Free debt advice specialist, PayPlan, has surveyed its clients to find out how being in debt has impacted their mental health. The survey found that over 85% of clients reported that being in debt negatively impacted their mental health, reporting feelings of stress (91%), anxiety (84%) and depression (68%). Almost half of those surveyed visited…
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In the first quarter of 2019, 321,044 County Court judgments (CCJs) were registered against consumers in England and Wales, a rise of five percent on the same quarter of 2018, according to figures by Registry Trust. The total number of adverse CCJs have risen year-on-year for the past six years. At the same time the…
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The Treasury Committee has published a new unanimously-agreed Report on consumers’ access to financial services. The report says access to financial services and financial inclusion are issues of fundamental importance to the Treasury Committee, UK consumers, and also the functioning of the economy. Everyone can be vulnerable at some point, so financial inclusion matters to everybody,…
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Homeowner mortgages in arrears figures remain at historically low levels according to the latest figures from UK Finance. The figures published reveal that there were 76,580 homeowner mortgages in arrears of 2.5 per cent or more in the first quarter of 2019, four per cent fewer than in the same quarter of 2018. Whilst the…
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