Consumer confidence improves

24th November 2023 Consumer Lending |

New research from GfK has found that there were signs shoppers were feeling more confident in their spending. GKF’s monthly Consumer Confidence Index was still in negative territory in November, but had increased by six points to -24. Joe Staton, Client Strategy Director GfK, said “Consumer confidence strengthened in November with improvements across all measures.…

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Consumer finance fell by 3% in September

20th November 2023 Consumer Lending | #consumer lending

Latest data by the Finance & Leasing Association (FLA) has shown that consumer finance new business fell in September 2023 by 3% compared with the same month in 2022. In the nine months to September 2023, new business also remained 3% lower than in the same period in 2022. The retail store and online credit…

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Credit card debt balances grow 8.5%

17th November 2023 Consumer Lending | #credit cards

Latest data from UK Finance has found that there were 377.9 million credit card transactions in August, 0.1 per cent fewer than in August 2022. The total spend of £20.6 billion was 2 per cent higher than August 2022. Outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months…

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Inflation falls to 4.6% – consumer credit industry reaction

16th November 2023 Consumer Lending | #inflation

UK inflation fell sharply in October to 4.6 per cent, its lowest rate in two years, down from 6.7 per cent the month before, according to the Office for National Statistics (ONS). Commenting on the date Andy Mielczarek, Founder and CEO of SmartSave, a Chetwood Financial company, said “Any drop in the rate of inflation…

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One in ten can’t confidently explain key financial topics 

10th November 2023 Consumer Lending | #car finance

New research by car finance provider, Ford Credit has uncovered a gap in consumer financial literacy with one in ten admitting they can’t confidently explain key financial topics. More than 50% of people looking to buy a car in the next 12 months plan to use car finance; this comes at a time when the…

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Half of people are borrowing to cover the cost of nasty surprises

New research by. by Opinium for Hargreaves Lansdown has found that half of people are borrowing to cover the cost of nasty surprises – including two thirds of young people, parents, and high earners The research found that people are much less likely to have avoided expenses out of the blue (46%) than we were…

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Decade-low mortgage growth forecast into 2024

7th November 2023 Consumer Lending | #mortgage lending

Mortgage lending is expected to record decade-low growth in 2023 and 2024, according to the latest EY ITEM Club Outlook for Financial Services, as mortgage rates reach their highest since 2008, economic growth remains subdued and weakening housing market sentiment drives down demand. Overall, mortgage loans in 2023 are expected to rise just 1.5% (net) and 2% (net)…

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Consumers spending £494 per month more on housing, food and energy bills

1st November 2023 Consumer Lending | #consumer spending

Latest cost of living research from Royal London has revealed how consumers have raided their savings to cover the rising cost of living. The cost of housing, food and energy bills have risen by an average of £494 a month by September this year when compared with August 2022. In the fourth wave of its…

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Almost 7 million people over 50 have no private pension

25th October 2023 Consumer Lending | #pensions

Almost 7 million people over 50 have no private pension, putting them at risk of retirement poverty, according to the latest research and analysis by SunLife. The research has revealed that around 2.4 million (20%) of men over 50 and 4.4 million (33%) women are relying on the state pension alone to fund their retirement, which…

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One in four borrowers rely on credit to cover essential spending

25th October 2023 Consumer Lending | #credit

Higher loan rejections and limited traditional affordability checks are impacting consumers’ ability to access credit to help make ends meet, according to new research from Tink. The company’s research found that those who hold either a mortgage or loan suggest that a significant number of consumers need to find a way to bridge the gap…

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Number of consumers taking out travel insurance this summer rose by a fifth

23rd October 2023 Consumer Lending | #holiday insurance

Over one million Brits took out travel insurance between June and August 2023, despite the rising cost-of-living, according to data from Compare the Market. The data showed that 1,066,364 people who bought insurance this summer was up by nearly a fifth (19%) on the 894,112 who did during the same period in 2022. Compare the…

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Higher interest rates a positive and a negative for consumers

19th October 2023 Consumer Lending | #interest rates

The EY ITEM Club forecast presents a mixed picture for consumer spending, which is expected to benefit from several supports. Although pay growth is expected to ease, inflation should decline more quickly. Falling energy bills, easing food price inflation and weaker pipeline price pressures mean inflation is predicted to average 7.4% this year (down from…

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Credit card spending debt increased by 8.7% in July

18th October 2023 Consumer Lending | #credit card debt

Latest figures UK Finance showed that there was an 8.7 per cent increase in outstanding balances on credit card accounts over the twelve months to July and 49.9 per cent of outstanding balances incurred interest compared to 51.5 per cent twelve months ago. There were 374.5 million credit card transactions in July, 8.5 per cent…

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