Credit, Collections & Insolvency News
Car owners are being hit with eye-watering annual percentage rates (APR) of nearly 40 per cent when paying for their insurance monthly, a new Which? investigation has found. The study found some home insurers charging up to almost 35 per cent APR on monthly payments. The consumer champion is now calling on the Financial Conduct…
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Half of consumers say they have cut non-essential spend in the first quarter of the year and consumers are four times more likely to save than spend, according to new research from KPMG UK. KPMG UK’s Consumer Pulse survey tracks the quarterly confidence and spending behaviour of 3000 consumers across age and income groups and…
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New research by TotallyMoney has found that one in five (9.7 million) current account customers are overdrawn by an average of £697, with £1.4 billion spent on bank overdrafts each year. The research showed that on average, one in five people (18.8%) are £697 overdrawn each day that with most high street banks charging customers…
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Britain’s younger generations are fueling the growth of the subscription economy, as nearly one in three are choosing to lease their vehicles through a monthly payment, according to AA Car Finance. From streaming to gym memberships, businesses offering their services for affordable monthly payments are breaking barriers for cash-strapped younger generations, as shown by the…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in February 2024 by 3% compared with the same month in 2023. In the first two months of 2024, new business was also 3% higher than in the same period in 2023. The credit card and personal loans…
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Consumer card spending growth flatlined in March, on par with February’s 1.9 per cent uplift, and significantly less than the latest CPIH inflation rate of 3.8 per cent according to latest analysis by Barclays. The data showed that retail spending remained almost flat at 0.7 per cent, brought down by falling in-store spending. Face-to-face retail…
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Consumers borrowed just over £5,600 on average in personal loans over their lifetime, with a typical repayment period of three years, according to new research from Compare the Market. The study shows almost a third of consumers (30%) have taken out two personal loans in their lifetime. Almost half of respondents (47%) took out a…
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Nearly a quarter of adults (23%) said they have used BNPL in the past year, mirroring pre-festive season observations according to research by TransUnion. The survey data points towards a robust and maturing sector, with more than one in five (21%) planning to apply for new BNPL services in the coming year. Yet despite many…
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New Money & Credit figures released by the Bank of England show Latest Bank of England data has found that consumers have reduced their borrowing in February due to the uncertain economy, with credit card borrowing falling from £800 million to £500 million. Other forms of consumer lending, such as personal loans and car finance,…
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A new report from the Building Societies Association (BSA) will say that significant changes are required if we are to help prospective first-time buyers get on to the property ladder in the current housing market, without compromising the prospects of future generations of homebuyers. The report, which has been authored by housing expert Neal Hudson…
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The monthly cost to first-time buyers of owning a home is now £1,231, -£27 lower than renting an equivalent property according to research by Halifax. The figures show that this is the smallest gap between home ownership and renting recorded since 2019. The analysis, based on the housing costs associated with a mortgage on a…
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Credit Connect’s hosted its sixth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by eight leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…
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A new credit card fraud report from Uswitch which analysed police figures has found that scammers stole £422 million last quarter, from 92,739 reported cases of fraud Consumers lost £1,212 million to credit card fraud in 2022, down 5% from the previous year with over three quarters (76%) of fraud was credit card fraud. The data…
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