Credit, Collections & Insolvency News
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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Latest Bank of England data has shown that net borrowing of consumer credit was £1.6 billion in April, up from £1.1 billion in the previous month. Within this, net borrowing through credit cards increased to £0.8 billion in April, from £0.4 billion in March. Net borrowing through other forms of consumer credit increased slightly to £0.8…
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New findings from Pepper Money that that over half (51%) of UK adults are now aware of secured lending as an avenue to raise capital. This figure rises to 54% amongst homeowners who may be considering ways to borrow without interrupting their favourable, primary mortgage rate. The latest data marks a notable rise from previous…
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Consumers are increasingly using credit to pay for insurance cover and switching to monthly payments for car and home insurance to manage their bills, new research from Premium Credit shows has found. Premium Credit’s Insurance Index, now in its sixth year, found that 76% of insurance customers use some form of credit to pay for…
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Latest Bank of England data has shown that net borrowing of consumer credit by individuals was £0.9 billion in March, down from £1.3 billion in the previous month. Within this, net borrowing through credit cards decreased to £0.2 billion in March, the lowest since April 2024 (£0.2 billion). Net borrowing through other forms of consumer…
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New research by TransUnion has revealed that over the last 12 months, there has been an 8% increase in the proportion of UK consumers who said they have a credit card, yet a third say they don’t know their credit score. The report also found that inflation remains above the Bank of England’s 2% target,…
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UK Finance data has shown that the total value of transactions on these cards was just over £1 trillion during 2024. The figures were in line with 2023 and split betwee debit card spend of £797 billion (down 0.8 per cent compared) to 2023 and credit card transactions worth £249 billion (up 5.3 per cent compared…
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