Credit, Collections & Insolvency News
After a tough Budget and Spring Statement for low-to-middle income households, the Government’s Spending Review could brighten a bleak living standards outlook by prioritising spending on services they use the most, according to new research by the Resolution Foundation. The research notes that public services are crucial for quality of life, providing ‘in-kind’ benefits worth…
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The UK’s ongoing cost-of-living crisis remains significant, with new figures revealing a sharp rise in housing costs and debt levels, according to research by Money Wellness. The data, which tracks household finances from the fiscal year 2023/24 to the first quarter of 2024/25 (prior to April’s price increases), shows that ,ortgage payments have surged by…
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Credit Connect has announced the shortlist of companies and partnerships for this year’s second annual Credit & Collections Industry Awards. The finalists for this year’s awards consist of 97 entrants (whittled down from over 100 entries) from 73 companies within the shortlist, there are 23 partnerships in the running to win across the 20 categories.…
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As consumers brace themselves for the higher prices kicking in from today (1st April) across bills including energy, water and broadband, those on the lowest incomes are running out of options, Citizens Advice warns. Households in the lowest 10% for income already spend around two-fifths (41%) of their earnings, after housing – on water, energy,…
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The combination of a weak economic outlook and benefit cuts that fall disproportionately on lower-income families means that living standards are on track to fall over the next five years for the poorest half of households by £500 on average, according to the Resolution Foundation’s overnight analysis of Spring Statement 2025. Key findings include: A…
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A new survey by Ocean Finance has found that 73% are worried about affording their essential bills this Spring. Millions of households across the UK are set to be hit with yet another wave of bill increases this April, with hikes expected across council tax, broadband, water, energy, and phone contracts. 42% say they’ve already…
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A new study by Go.Compare has revealed that an estimated 6.6 million people now rely on their credit cards to pay everyday bills such as groceries and utilities. In total, 17% said they need their card to afford their bills, with 13% stating that the cost of living crisis is the reason for this. This…
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Latest data from GfK’s consumer confidence index showed that it increased by one point in March to minus 19, despite analysts expecting a drop. Sentiment about the performance of the UK economy over the past year and its potential to gather momentum in the coming year improved in March. However, consumers became slightly more pessimistic…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased decreased by 4.1% in February 2025 to 10,147 when compared to January 2025’s total of 9,752, and decreased by 5% when compared to February 2024’s figure of 10,684. The personal insolvency figures consisted of 600 bankruptcies, 3,865…
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The biggest loans taken out by UK adults are for car payments according to new research by GoCompare. Analysing data on loans secured since September 2022, the study found that motorists took out an average loan of more than £10,700 to put towards their new vehicles. This highlights that buying a car remains one of…
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A new study has estimated that 5.7 million people are struggling to keep up with their credit card repayments. The research by Go.Compare found that just over one in ten (14%) credit card holders said they were finding it hard to meet their repayments, meaning millions could be grappling with debts across the country. Young…
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Research from consumer group Which? has found that three in ten (28%) of people have been put off from making a major purchase including items such as cars, furniture and electronic devices – in the last month because they were worried about their future household finances. The data also showed that the estimated number of…
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New research from Chase has found that one in five (21%) say that the pandemic and cost-of-living crisis have encouraged them to make the most of their money, including spending more on experiences to ‘live in the moment’ The research found that one in four (26%) are now more focused on saving money than they…
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