Credit, Collections & Insolvency News
According to findings from Royal London, homeowners are three times more likely to have life insurance than income protection meaning that many people in the UK are underprepared to pay their monthly housing costs if they’re unable to work due to illness or disability. When it comes to providing a financial safety net in the event…
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Consumer confidence has hit the highest point in two years, with an index published by GfK increasing to -19 points in January from -22 in December. Improved optimism in household finances over the next 12 months drove the increase in the overall index, while the personal finance expectations index was flat in January, marking the…
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Londoners are the most likely to have loaned money to a family member to help with the cost of living, according to new research from Hodge. Around three quarters (73%) of people aged over 50 based in the capital have gifted or loaned money to their children or other family members, and 77% of those…
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The majority (84%) of UK executives think reputation management is more important for businesses now than it has been previously according to research by Amp Corporate Communications. The research found that less than half (47%) of the C-suite leaders surveyed believe their business is fully prepared to deal with reputational challenges. Regulatory compliance, cyber attacks…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in November 2023 was 2% higher than in the same month in 2022. In the eleven months to November 2023, new business was also 2% lower than in the same period in 2022. The credit card and personal loans…
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Latest data from the Bank of England shows consumer borrowing rose to £2 billion in November, up from £1.4 billion the month before. This is an increase on the £1.3 billion expected by analysts. The annual growth rate for consumer credit was 8.6% in November, the highest rate since September 2018. Higher borrowing on credit…
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Londoners are the most reliant on their savings with almost three milion people forced to dip into savings pots to afford essential everyday costs, according to new research from AI powered transaction analytics firm, Fuse. A third (33%) of people in London rely on their savings to pay everyday expenses compared to 24% of people…
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Nearly a quarter (22%) of Buy Now Pay Later (BNPL) users have missed one or more repayments in the six months to December 2023, leading to late payment fees and in a quarter of cases, a mark against their credit score too according to data from the nonprofit Centre for Financial Capability (CFC). More than a…
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Consumer confidence has improved in the run-up to Christmas, according to the latest GfK consumer confidence index. The index score has risen two points since last month but remains firmly in negative territory at minus 22 – an improvement on the minus 29 reported this time last year. All five components within the survey saw…
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Six in ten (62%) people in the UK have a credit card, however nearly two thirds (65%) don’t fully understand how their credit card use can impact their credit score, according to research from Compare the Market. The research found that although nearly a third (31%) of people say they have a “strong” credit score,…
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Consumers are feeling more optimistic as the headline inflation rate begins to fall according to latest research by TransUnion. As signs suggest significantly improved economic fundamentals, consumers are reporting more positive sentiment. Overall, 37% of UK consumers are feeling optimistic about their household finances, up from just 28% in Q4 2022. The study also shows…
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One in four people (14 million people) plan to borrow money for Christmas according to research by the Money and Pensions Service. The survey of 3,016 UK adults, commissioned by the Money and Pensions Service (MaPS), shows that one in four (26%) are likely to borrow or use credit for upcoming holidays like Christmas and…
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Latest Bank of England has found that consumer borrowing fell in October, showing that consumers borrowed £1.3 billion last month compared to £1.4 billion in September. The decline came as consumers borrowed less on credit cards, with the rate of other forms of credit remaining stable. The data also showed that individuals repaid, on net,…
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