Credit, Collections & Insolvency News
Younger generations are challenging outdated stereotypes that they are financially irresponsible by showing greater dedication to saving and investing than their older counterparts, new research from Scottish Friendly has revealed. The research shows that while a third (31%) of adults are saving less than they were a year ago, Millennials and Gen Z are nearly twice…
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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 mortgage debt by individuals increased by £3.1 billion to £5.3 billion in June, compared to a £2.8 billion increase to £2.2 billion of net borrowing in May. The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages decreased for the…
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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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£6.4 billion per year could be added to the UK economy by improving financial inclusion, according to new economic modelling by WPI Economics, commissioned by Fair4All Finance, the not-for-profit financial inclusion organisation. The study shows that £5.9 billion could be raised annually from increased productivity and employment due to improved financial wellbeing. A further £110…
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New analysis by HSBC has found that 78 per cent of mortgage brokers have noticed a rise in the amount of lending agreed for their clients. The poll shows that 93% of the brokers surveyed said that it is important for their clients to increase their borrowing power. Nearly two-thirds (63 per cent) of brokers…
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A new survey from the UK’s leading credit-building business, Loqbox, has revealed that people in the UK are struggling to understand how credit works and what it means for their everyday lives. At a time when the average credit score in the UK is 644 on the Equifax scale and an estimated one in ten…
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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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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in May 2025 by 2% compared with the same month in 2024. In the first five months of 2025, new business in this market was 4% higher than in the same period in 2024. The credit card and…
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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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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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The Financial Conduct Authority (FCA) has released a discussion paper on mortgage market rules to help boost home ownership. The FCA says that first-time buyers, the self-employed and people borrowing into retirement could benefit from further possible changes to mortgage rules. The regulator says that the mortgage market has changed considerably over the years. First-time…
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