Credit, collections & insolvency news
Latest UK Finance card spending data for April 2024 has shown that outstanding balances on credit card accounts have grown by 8.3 per cent over the twelve months to April and 49.4 per cent of outstanding balances incurred interest compared to 49.6 per cent in April 2023. There were 374.6 million credit card transactions in…
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Card spending fell last month for the first time in more than three years, according latest analysis by Barclays. The data showed that consumer card spending fell -0.6 per cent year-on-year in June – the first decline since February 2021 and significantly lower than the latest CPIH inflation rate of 2.8 per cent – as…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in April 2024 by 9% compared with the same month in 2023. In the first four months of 2024, new business in this market increased by 2% compared with the same period in 2023. The credit card and…
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Latest Bank of England Money and Credit data has shown that consumer credit annual growth rose to 8.3 percent in May 2024, after a fall in April, with outstanding balances for consumer credit now standing at £1.85 billion. Consumer credit borrowing rose sharply in May 2024 to £1.5 billion, up from £0.8 billion in April.…
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Latest data from UK Finance has shown that credit card spending has continued to increase as consumers face economic pressures. The report revealed an 0.8% rise in total credit card spending year-on-year and a 5.9% increase in contactless transaction values. James O’Donnell, Director of Research & Consulting at TransUnion said “The UK Finance card spending…
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Nearly one in five (20%) consumers are using their credit score to better manage credit usage and reach their goals of paying down debts according to research by TransUnion. In the new study, TransUnion has identified and defined three primary categories into which the majority of people who regularly check their credit information fall. First…
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Consumers invested in staycations and home improvements during the Early May Bank Holiday, with both areas seeing significant uplift when compared to the same bank holiday in 2023 (28th April to 1st May 2023) according to latest Mastercard data. People are choosing to spend their money on experiences, including holidays and eating out. SpendingPulse data shows…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in April 2024 by 9% compared with the same month in 2023. In the first four months of 2024, new business in this market increased by 2% compared with the same period in 2023. The credit card and personal…
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Consumer spending growth is at its weakest in more than three years, according to a report by Barclays. Despite falling inflation, the report found that higher council tax bills and the rising cost of broadband and mobile phones are eating into household budgets. The report found that consumer card spending grew just 1.0 per cent…
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Latest Bank of England Money and Credit data has shown that net consumer credit borrowing halved in April 2024, falling from £1.4 billion in March to £0.7 billion. This marks its lowest level since December 2021, at the beginning of the cost of living crisis as consumer confidence dropped. The decline was driven by lower…
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New research by Uswitch has found that the UK’s attitudes to credit cards are changing, as nearly one in three (31%) young people perceive them as ‘potential debt traps.’ Only one in five (20%) of Gen Z say they have ‘no concerns regarding credit card usage’, with the remaining 80% stating their main concerns as…
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A new report by Scams.info has found that there are 2.7 million card fraud loss reported every year in the UK. Scams.info’s report has studied the number of of fraud across a five year period to determine which fraud types are most on the rise, and which types are becoming less common. The fraud type…
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Eight in ten credit card users admit to making common mistakes, according to new research from Compare the Market. The research found that withdrawing cash using a credit card (37%), only making the minimum repayments (35%), and getting close to or reaching your credit limit (34%) are the most common credit card mistakes. The research…
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