Credit, Collections & Insolvency News
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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The number of mortgage approvals made to home buyers fell by nearly 10% between June and July, according to Bank of England figures. The figures showed that net mortgage approvals decreased from 54,600 in June to 49,400 in July, while approvals for remortgaging slightly increased from 39,100 to 39,300 during the same period. Net borrowing…
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Latest on UK Finance’s latest card spending figures has revealed that outstanding balances on credit card accounts have grown by 8.8 per cent over the twelve months to May and 49.7 per cent of outstanding balances incurred interest compared to 51.2 per cent twelve months ago. In the 12 months to May and 49.7% of…
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Research by TotallyMoney has found that almost 10 million (9.8 million) adults lack confidence to make financial decisions. Over the past two years, persistent inflation has driven household finances to the brink, with almost one in three adults (29%) saying they would be unable to cover an unexpected £100 expense*. At the same time, 11…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in June 2023 by 1% compared with the same month in 2022. In the first half of 2023, new business was 3% lower than in in the same period in 2022. The retail store and online credit sector…
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Using a credit card to withdraw money from an ATM (cash advance) comes with costly charges and higher interest rates. They can also impact one’s ability to borrow in future new research from TotallyMoney has found. Most big lenders charge interest rates close to 30%, with additional charges of up to 5%, or a minimum…
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Latest Bank of England (BoE) data has shown that consumer credit rose to a five-year high in June. This follows a £500 million decrease in lending in May. Net borrowing of consumer credit by individuals rose to £1.7 billion in June, the highest since April 2018. Of the £1.7 billion borrowed £1 billion was borrowed…
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The cost of living is causing more young people to become dependent on the use of credit to manage their finances according to new research Moneyhub Decisioning. The research has found that in the last six months, a quarter (24%) of people under the age of 35 have applied for an overdraft, of which 21%…
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After a period of relative calm for the consumer credit sector, average rates on lending products registered notable increases through June as fears over sticky inflation linger, according to analysis of the latest Bank of England data from Freedom Finance. Through the first few months of the year, average rates on credit cards and personal…
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Latest figures have indicated that pay growth is set to hit a 21-month high with EY ITEM Club stating that it will reinforce the Monetary Policy Committee’s (MPC) concerns about inflation persistence. Private sector pay growth also increased and remained well above the Bank of England forecast. EY says that while a surprise rise in…
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More than 2 million people over 65 are known to be living in poverty, with at least a further 1 million also experiencing financial hardship according to research by Independent Age. In a survey of more than 1,000 people over 651, national charity Independent Age has found that one in seven (14%) people over 65…
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Latest UK Finance card spending data on outstanding balances on credit card accounts have grown by 9.6 % according to its latest update for March 2023. Outstanding balances on credit card accounts have grown by 9.6 % over the twelve months to March and 50.3 % of outstanding balances incurred interest compared to 52.3 %…
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Rates on consumer credit products either remained steady in May or registered small declines, according to analysis of the latest Bank of England data from Freedom Finance. The figures showed that on average quoted household interest rates came despite market volatility leading to disruption in the mortgage market with widespread product withdrawals and notable increases…
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