Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
TotallyMoney has calculated the cost of a poor credit score for customers looking to lock in a personal loan. The research found that for the most commonly provided loan of £3,000, somebody with a poor credit score could pay an extra £2,668 in interest charges over 36 months, when compared to somebody with an ‘excellent’…
Read more
The Bank of England’s Financial Stability Report has forecast a continued rise in households with high debt servicing ratios and an increase in the use of consumer credit. The report says that while households and businesses are already facing cost-of-living pressures and higher borrowing costs, the full impact of higher interest rates has yet to through…
Read more
Latest credit card spending figures from Barclays have shown a shift towards saving. The data shows that consumers are cutting back on eating out and reining in on buying takeaways to save up for the expensive the Christmas season season. Consumer card spending grew 4.2 per cent year-on-year in September – less than the latest CPIH*…
Read more
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in August 2023 by 7% compared with the same month in 2022. In the first eight months of 2023, new business remained 3% lower than in the same period in 2022. The retail store and online credit sector…
Read more
UK consumers are the least likely in Europe to worry about how the cost of living has impacted their credit rating, despite being among the most impacted by it. The research from CRIF, Europe’s leading provider of digital transformation solutions for the financial services industry, finds that only one in five (20%) British consumers are…
Read more
A poor credit score could cost £272,302 in additional interest over a course of a lifetime (ages 20 – 68) compared to a good credit score. The in-depth study by free smart money platform, Credit Karma, found that someone in their 20s, who has a poor credit score, will pay hundreds of thousands of pounds more…
Read more
A quarter of young homeowners, aged 29 and under, have opted for repayment terms of at least 35 years to make their monthly mortgage payments more affordable, according to Experian. This is up from one in 10 in 2020, an increase of 150%. The increased cost of borrowing means that many people will be nearing retirement…
Read more
Latest Bank of England (BoE) data has shown that borrowing of consumer credit by individuals amounted to £1.6 billion in August, up from £1.3 billion in the previous month. Consumer credit growth rose to 7.6 percent in August 2023 with outstanding balances for consumer credit now standing at £217 billion. Net borrowing of mortgage debt by…
Read more