Credit, Collections & Insolvency News
Latest Bank of England data showed that net borrowing of mortgage debt fell by £200 million month-on-month to £4.3 billion in August. This came after a £900m decrease to £4.5bn in July. Mortgage approvals fell last month as uncertainty hit one of the key indicators in the property market. Mortgage approvals for house purchases decreased…
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New data from Updraft has shown that social media–fuelled travel fear of missing out (FOMO) is the largest driver in credit card debt, with September now emerging as a peak month for overspending. In a survey of 2,002 UK adults and 274 recent credit card loan recipients, 46% said they overspent this summer after feeling…
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Consumer card spending grew just 0.5 per cent year-on-year in August, down from 1.4 per cent in July and lower than the latest CPIH inflation rate of 4.2 per cent, according to new data from Barclays. Essential spend declined, however, discretionary spend rose 2.0 per cent, as clothing, furniture and health & beauty stores all…
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Later life mortgage lending continues to rise with people over 70 lending increasing by almost 10% according to latest UK Finance data. The data shows that £570 million pounds of lending was to borrowers over 70 up by 9.62%. Meanwhile there were 33,130 new loans advanced to borrowers over 55 in Q2 2025 – up…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in July 2025 by 4% compared with the same month in 2024. In the seven months to July 2025, new business in this market was 5% higher than in the same period in 2024. The credit card and…
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Latest data from UK Finance has shown that credit card spending rises to £21.8bn, an increase of 1.8 per cent when compared to May 2024. There were 394.4 million credit card transactions in May, 3.1 per cent more than in May 2024. Outstanding balances on credit card accounts have grown by 6.4 per cent over…
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Latest credit card market data from global analytics software leader FICO shows how rising spend and falling payments to balance are continuing to push up average balances. Increased spending follows expected seasonal trends, but the percentage of balance paid continues to trend downwards, which will be a concern for lenders. The data showed that spending…
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Consumer card spending grew 1.4 per cent year-on-year in July, up from -0.1 per cent in June, but remaining below the latest CPIH inflation rate of 4.1 per cent. Essential spending declined -0.7 per cent, however discretionary spend rose by 2.4 per cent – an increase from June’s 0.8 per cent growth – as changeable…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in June 2025 by 11% compared with the same month in 2024. In the first half of 2025, new business in this market was 5% higher than in the same period in 2024. The credit card and personal…
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Lenders’ online and in-app application processes can help prospective borrowers understand what they’re signing up for, a review by the Financial Conduct Authority (FCA) has found. However, improvements could be made to these digital processes so that consumers can make informed decisions about their finances. The FCA’s review is part of its strategic focus…
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Latest Bank of England data has shown that net borrowing of consumer credit by individuals rose to £1.4 billion, from £0.9 billion in the previous month. et borrowing through other forms of consumer credit remained broadly unchanged at £0.7 billion over the same period. Commenting on the date, Richard Pinch, Senior Director of Risk at…
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Data from Barclays reveals a slight decline in consumer card spending, with a 0.1% fall recorded in June, less than the 1.0 per cent reported in May and below the latest CPIH inflation rate of 4.0 per cent. Confidence in household finances improved six percentage points to 73 per cent – a four-month high. Meanwhile,…
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Latest UK credit card data from global analytics software leader FICO provides stark evidence that consumer financial confidence remains low. Whilst spending has followed the usual seasonal drop after Easter, the average active balance is 4.7% higher year-on-year, suggesting consumers are not able to clear as much of their credit card debt. The percentage of…
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