Credit, Collections & Insolvency News
Retail debit card spending soared 27% in the first two weeks of January compared to 2020, months before the pandemic hit, according to latest data from Lloyds Bank. The research found that 42% more was spent at restaurants and bars, whilst high-street stores, such as clothing outlets (34%), electrical goods stores (27%) and department stores…
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Older homeowners released a record £4.4 billion in property wealth last year at a rate of more than £12 million a day as customers helped family and secured their own finances by repaying debt or remortgaging existing borrowing, data from the UK’s leading equity release adviser Key shows. Around one in five equity release plans (19%) taken…
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The amount of Christmas shopping put on buy-now, pay-later (BNPL) rose by £1billion in 2021 according to new analysis by Credit Karma. The research found that as Banks and retailers continue to jump on the increasing popularity of the BNPL payment method, with its high approval rates, 52% of consumers view BNPL as ‘easy credit.’…
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Lenders have reported a lower borrowing demand at the close of the year according to a new report from the Bank of England (BoE). The quarterly survey of banks and building societies found that demand for secured lending for house purchases fell in the final quarter of last year. The demand for mortgages fell back…
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Black Friday and Christmas has helped card average spending to increase to a new over two-year high according to new analysis of UK card trends for November 2021 by FICO. With average spending and cash usage rising, the data was typical of previous festive seasons. However, a drop in the percentage of payments to balance…
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Consumer card spending increased 12.2 per cent in December compared to the same period in 2019, as Brits finished their final preparations for Christmas. However, the impact of restrictions and fears over the Omicron variant began to take effect across the retail, hospitality and leisure sectors. Data from Barclaycard, which sees nearly half of the…
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New research by Lowell has highlighted a huge age discrepancy in credit score attitudes. The research found that almost one-third (32%) of the 16–24-year-olds who know how to check their credit score, check it multiple times a month. According to the data, those aged 55 and over (15%) are most likely to check their credit…
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The average price of a property in the UK increased by more than £24,500 last year to hit a new record high of £276,091, according to the Halifax. The 9.8% rise during 2021 was the fastest increase for any calendar year since a 12.5% rise in 2004. The mortgage lender said buyers sought more space…
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Consumers using Buy Now, Pay Later (BNPL) are much more likely to be struggling according to latest research by debt charity StepChange. In response to the HM Treasury’s consultation on how to regulate BNPL StepChange is pointing to clear evidence that BNPL products are being widely used by people experiencing financial difficulty. For example, consumers…
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New research by Interactive Investor has found that Bank of Mum and Dad are financing more than home deposits. The research found that helping with university costs (58%), allowing adult children to stay at home, rent-free (50%) and buying a car or helping with car-related costs (46%) were all more common ways of financially supporting…
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Which? is calling for stronger safeguards to stop online shoppers from choosing Buy Now Pay Later (BNPL) to pay for products without knowing the risks, as new research from the consumer champion reveals many people do not think that they are taking on debt when using this payment method. Buy Now Pay Later has soared…
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New research by TotallyMoney has shown that more than half (54%) of customers with an outstanding monthly credit card balance are paying interest, indicating that it could be costing consumers £1,831 by not transferring a credit card balance. The esearch shows customers are 31% more likely to be eligible for a credit card now than…
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Latest figures from the Bank of England (BoE) show that credit card spending increased in November, with spending and borrowing showing signs of normalising after being distorted by pandemic-driven support measures. The report shows that £1.2 billion was borrowed in November using credit cards, overdrafts and personal loans, with £862 million spent on credit cards.…
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