Credit, Collections & Insolvency News
Latest data has found that credit card spending rose 4.2% from May to June 2024, with teh average balance standing at an average of £840 which is 0.1% higher than June 2023 according to FICO’s latest credit card report for June 2024. The data showed that May 2024 saw quite significant month-on-month increases in late…
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Latest UK Finance card spending data for May 2024 has shown that outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months to May and 48.9 per cent of outstanding balances incurred interest compared to 49.7 per cent in May 2023. The data showed 2.3 billion debit card transactions…
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New figures released by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided £76.7bn of new lending in the first half of the year (H1) 2024, 1% higher than in H1 2023. £20.1bn was provided to businesses for investment in machinery, equipment, and…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June 2024 by 8% compared with the same month in 2023. In the first half of 2024, new business in this market held steady compared with the same period in 2023. The credit card and personal loans…
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The Bank of England has voted to cut interest rates for the first time since March 2020, with the Monetary Policy Committee (MPC) choosing to cut the base rate, which has stood at 5.25% since August last year, to 5%. The decision comes with inflation having held at the Bank’s target rate of 2% in…
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Latest Bank of England data shows that the annual growth rate for consumer credit, including credit cards, personal loans and overdrafts, dipped to 8% in June from 8.4% in May. The annual growth rate for credit card borrowing fell to 10.5%, from 10.8% in May. Net consumer credit borrowing dipped slightly in June to £1.2…
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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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