Credit, collections & insolvency news
Latest data by the Finance & Leasing Association (FLA) has shown that consumer finance new business fell in September 2023 by 3% compared with the same month in 2022. In the nine months to September 2023, new business also remained 3% lower than in the same period in 2022. The retail store and online credit…
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Latest data from UK Finance has found that there were 377.9 million credit card transactions in August, 0.1 per cent fewer than in August 2022. The total spend of £20.6 billion was 2 per cent higher than August 2022. Outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months…
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New research by. by Opinium for Hargreaves Lansdown has found that half of people are borrowing to cover the cost of nasty surprises – including two thirds of young people, parents, and high earners The research found that people are much less likely to have avoided expenses out of the blue (46%) than we were…
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The EY ITEM Club forecast presents a mixed picture for consumer spending, which is expected to benefit from several supports. Although pay growth is expected to ease, inflation should decline more quickly. Falling energy bills, easing food price inflation and weaker pipeline price pressures mean inflation is predicted to average 7.4% this year (down from…
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Latest figures UK Finance showed that there was an 8.7 per cent increase in outstanding balances on credit card accounts over the twelve months to July and 49.9 per cent of outstanding balances incurred interest compared to 51.5 per cent twelve months ago. There were 374.5 million credit card transactions in July, 8.5 per cent…
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The Bank of England’s Financial Stability Report has forecast a continued rise in households with high debt servicing ratios and an increase in the use of consumer credit. The report says that while households and businesses are already facing cost-of-living pressures and higher borrowing costs, the full impact of higher interest rates has yet to through…
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Latest credit card spending data from Halifax suggests it’s been a busy year for travelling, as travel-related spend (including on airlines and hotels), rose by 27% compared to 2019 and by 18% since 2022. This year, credit card spending at the UK’s twenty most popular air carriers (including British Airways, Jet2, EasyJet, Ryanair, Virgin and…
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Latest Bank of England (BoE) data has shown that borrowing of consumer credit by individuals amounted to £1.6 billion in August, up from £1.3 billion in the previous month. Consumer credit growth rose to 7.6 percent in August 2023 with outstanding balances for consumer credit now standing at £217 billion. Net borrowing of mortgage debt by…
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The cost to borrow on credit cards and personal loan costs for new borrowing have jumped in recent months, according to analysis by Moneyfacts. Between the start of June and the start of September 2023 (Q3 2023), the average purchase APR (which includes card fees) rose to an all-time high of 31.8% APR, according to…
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UK Finance’s latest card spending update has highlighted that there were 2.18 billion debit card transactions in June this was 8.2 per cent more than in June 2022 with the total spend of £65.3 billion was five per cent higher than June 2022. There were 368.5 million credit card transactions in June, 7 per cent…
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HSBC and Nova Credit have agreed on a new partnership which will enable newcomers to the UK to leverage their international credit history instantly and free of charge when applying for a credit card. New and existing customers applying for an HSBC UK credit card online can choose to share their credit history from a growing list…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in July 2023 by 2% compared with the same month in 2022. In the seven months to July 2023, new business remained 3% lower than in the same period in 2022. The retail store and online credit sector…
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Latest FICO data on UK credit card trends reflects the impact of inflation on consumers’ budgets, as average spend hit its highest point in the 17 years since FICO records began, and average balances continued to track upwards. Although inflation started to drop in June 2023, the FICO report reveals the longer-term impact of rising…
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