Credit, Collections & Insolvency News
One in five (20%) people only managed to make the minimum repayment on their most recent bill according to research from Compare the Market. The research shows that less than half of borrowers (48%) are regularly paying off their credit card balance in full each month. This suggests that outstanding balances on cards are increasing…
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The number of young people needing help with managing money has doubled since 2019, Citizens Advice has reported. The charity, which supported 66,000 under 25s last year alone, says one in five (20%) young adults seeking its advice need help with debt. Citizens Advice warns many young people are feeling particularly squeezed by the cost-of-living…
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A third of households (34%) are not confident in being able to afford their energy bills over the next twelve months, after wholesale energy cost pressures caused the energy price cap to increase on 1st January 2024 according to research by Compare the Market. The energy price cap increased by £94 for a typical household…
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Almost half of motorists (47%) would feel “anxious and financially stressed” by an unexpected £1,000 car repair bill, new research from the RAC Dealer Network shows. In a sign of the impact of the cost-of-living crisis, the percentage has increased from 37% compared to the last time the organisation asked this question in 2021. Almost…
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Over six million children in Britain have parents who are worried they won’t be able to afford their next energy bill. And almost half of parents said they would cut back on their food shopping to pay for other household bills according to research by Citizens Advice. Citizens Advice and Citizens Advice Scotland are also…
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Age UK is warning that older people living in a household with an income less than £20,000 per year and not in receipt of means tested benefits, have faced particularly steep challenges with managing through recent times. New research for the Charity revealed that almost a third (29%) of over 60s in this group report…
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Over 11.5 million, or four in ten (39%), financially vulnerable people, have no option but to turn to credit to afford everyday expenses, over double the UK average (15%) according to research by analytics firm Fuse. Three in ten (28%) also say that they are reliant on credit to pay for their mortgage or rent…
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New research from Citizens Advice has found that five million people are in a negative budget, with the charity warns a living standards catastrophe is becoming the new normal ahead of the general election. The charity’s new analysis shows that the number of people in the red has jumped from 3.25 million since the start…
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Average water bills are set to rise by 6% in April to around £473 annually for combined services according to suppliers’ trade body Water UK. Water UK said, was below inflation and represents a real-term reduction since 2019, however, consumer body CCW urged the sector to go further in support of households struggling to pay.…
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The demand for online money help has surged by 34% in the first week of 2024, the Money and Pensions Service (MaPS) has confirmed. Total visits to MoneyHelper’s Money Troubles pages hit 10,187 in the first week of January this year, rising from 7,625 during the week up to Christmas Eve. January 1-7 also…
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One in eight (12%), around six million people, have borrowed money to make ends meet in the last 12 months according to research by StepChange. The debt charity is urging the government to reassess its cost of living support for households ahead of the Spring Budget as new polling finds that two in five (40%),…
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The amount of debt racked up by prepay energy customers has hit £1 billion according to new research by Bfy Consulting. Over the past two years, the number of prepayment meter (PPM) energy customers in debt has risen by 220,000 to 750,000 – a 40% increase. The average debt balances have also risen by 40%…
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Households struggling with the cost of energy bills this winter are being encouraged to speak to their council about the financial help available from the Department for Work and Pensions’ Household Support Fund. The Government has invested over £2 billion into the Fund since it launched, with new statistics now showing more than £360 million…
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