Half of credit card holders believe a physical card will be gone within five years

23rd June 2022 Consumer Lending | #credit cards

The average credit card holder in the UK believes they will continue to use a physical card for just nine and a half more years, according to new report by finder.com. The figure is quite consistent across all age groups, ranging from millennials who expect to keep using them for under 9 years, all the…

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Consumer finance new business grew by 21% in April

21st June 2022 Consumer Lending |

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 21% in April 2022 compared with the same month in 2021. In the first four months of 2022, new business was 30% higher than in the same period in 2021. The credit card and personal loan sectors…

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One in seven consumers say lending experience is a decade behind online banking

9th June 2022 Consumer Lending | #loans

New research by Marqeta has indicated that many consumers are frustrated with lending experience and want less jargon and more clarity, with 80% believing that lenders try to obscure the final cost of a loan. The findings part of Marqeta’s new report “Seeking out the alternatives: how consumers are engaging with the lending 3.0 landscape”…

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Credit card spending and personal loan borrowing increases

Credit card spending and personal loan borrowing both increased in the first quarter of 2022, returning to pre-Covid trends as the last restrictions were ended according to new analysis by UK Finance. Total credit card spending was £50.4 billion, with March seeing the second highest spending since the pandemic. There was a significant increase in…

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Higher income households most likely to be victims of credit card application fraud

7th June 2022 Consumer Lending | #fraud

New research from Experian has highlighted that affluent, older households are being targeted by fraudsters committing credit card application fraud. Latest data from the National Fraud Hunter Prevention Service, analysed by Experian, found the detected fraud rate for cards rose by 18% in the first three months of 2022 when compared to the same period…

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Credit card borrowing increasing at fastest rate in 17 years

31st May 2022 Consumer Lending | #credit

Latest Bank of England data has indicated that credit card borrowing is rising at its fastest annual rate in 17 years. The annual growth rate for credit card borrowing hit 11.6% in April – the highest figure since November 2005. The figures also reveal that the rate for all consumer credit increased to 5.7% in…

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Value of contactless card transactions doubles since limit was raised

The total value of contactless transactions in February this year was twice the value of previous years, after the increase in the contactless limit according to latest UK Finance figures. The figures show that there were 1.7 billion debit card transactions in February, 32.9 per cent more than in February 2021 and 15.1 per cent…

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Consumer finance new business grows by 19%

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 19% in March 2022 compared with the same month in 2021. In Q1 2022 overall, new business was 34% higher than in the same quarter in 2021. The credit card and personal loan sectors together reported…

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Jaja and Asda to launch digital credit card

10th May 2022 Company News |

Jaja Finance has announced it has signed a deal with Asda, in conjunction with global payments technology leader Visa, to provide digital, reward-led credit cards to Asda’s 18 million customers. The new credit card, to be launched later this summer, will allow customers the opportunity to earn rewards on their credit card spend which they…

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Households will pay £858m more in interest after rate rise

Analysis of Bank of England data by Mazars shows UK households are currently paying £18.3 billion annually in interest payments on floating rate debt that are likely to be immediately impacted by an interest rate rise. Thi includes floating-rate mortgages, credit card debt and other unsecured personal lending. Consumers will be hit by further rises…

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FCA warns lenders and brokers to stop using misleading terms in credit adverts

The Financial Conduct Authority (FCA) is warning lenders and brokers to stop using misleading terms in their advertising or face regulatory action. The FCA says that the increased cost of living means that more people may take out loans. Marketing that does not give clear information and warnings about the potential consequences of borrowing puts…

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Bank of England raises interest rate to 1% – Industry reaction

The Bank of England Monetary Policy Committee has raised rates to 1%, the highest in 13 years. The Bank also warned that the cost of living crisis could push the economy into recession this year. The Bank’s Monetary Policy Committee (MPC) voted to raise the base rate from 0.75% to 1%. Three of the nine-strong…

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NewDay and John Lewis agree partnership

5th May 2022 Company News |

NewDay and John Lewis have agreed on a new partnership to assess the next evolution of the retailer’s consumer credit offering. The deal includes relaunching John Lewis’ Partnership card. The partnership follows John Lewis’ announcement that it plans to invest over £50 million in its consumer finance capabilities to offer innovative financial products and services…

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