Credit, Collections & Insolvency News
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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Lenders said they lifted the availability of household secured credit in the three months to the end of May and expect to do so again over the coming quarter, according to a latest Bank of England survey. The survey found that lenders reported that the availability of both secured and unsecured credit to households increased…
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New research from Compare the Market reveals that more than half (52%) of people would be willing to switch credit cards if they found one offering better rewards aligned to their personal needs, even if it came with a higher interest rate. Nearly half of respondents (46%) value cashback as the most important credit card…
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The average credit card debt per borrower has climbed to £2,920 according to research by TransUnion. With two-thirds (67%) of consumers feeling financially comfortable and 43% optimistic about their household finances over the next 12 months – up from 26% in 2022 – demand for credit is growing. Since 2022, the average credit card balance…
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Complaints to the Financial Ombudsman Service (FOS) have surged, with 305,726 recorded in the year to 31st March 2025. This is the highest total since the 388,392 seen in the year to March 2019, when the PPI scandal drove a spike in complaints. The latest increase comes amid the motor finance scandal, with the Supreme…
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New research from TransUnion UK has revealed that over eight million people are using Buy Now Pay Later (BNPL) for items under £50, whilst 4% put purchases under £25 on this short-term credit. Over a quarter (26%) of people now prefer to use BNPL over credit cards for everyday spending, with 18 to 24-year-olds (20%)…
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