Credit, Collections & Insolvency News
A new report from the Building Societies Association (BSA) has found that those looking to get onto the property ladder are facing the toughest conditions in 70 years. The BSA says that significant changes are required if we are to help prospective first-time buyers get onto the property ladder in the current housing market. It…
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Consumer confidence rose to its highest level in two years in the last quarter, boosted by a sharp improvement in sentiment among younger people, Deloitte’s consumer confidence index has shown Consumer confidence rose 6.5 percentage points year-on-year, largely driven by a significant improvement in sentiment towards household disposable income (up 18.2 percentage points on Q1…
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Latest UK Finance data has revealed that Credit card balance transfer activity reached £1.8 billion in value in January, according to UK Finance data (The Independent). There were 347.9 million credit card transactions in January, 8.4 % more than in January 2023. The total spend of £20.4 billion was 8.4 % higher than January 2023.…
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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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