Credit, Collections & Insolvency News
Consumer card spending grew 3.1 % year-on-year in January, less than the latest inflation rate of 4.2 %, yet higher than December’s growth of 2.3 %. according to latest analysis by Barclays. The figures showed that retail, hospitality and leisure spending slowed as consumers stayed at home to shelter from the cold weather and save…
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UK Finance has released its latest card spending data for October 2023 highlighting that there were 377.7 million credit card transactions in October, 6.1 % more than in October 2022. The total spend of £20.4 billion was 5.7 % higher than October 2022. Outstanding balances on credit card accounts have grown by 8.7 % over…
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New research reveals 12.7 million adults (a quarter of the population) have spent more than £200 in the last 12 months trying to keep up with the spending habits of friends and family. On average across the country, adults spent £165 trying to match up to their friends’ lifestyles, equating to over £8 billion and…
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Spending on debit and credit cards rose by 4.1% in 2023 according to latest data from Barclays. Card spending was noticeably lower than the growth seen in 2022 (10.6 per cent) as consumers cut back on new clothes, eating out and home improvements amid rising inflation and household bills. However, consumers continued to prioritise moments…
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The Payment Systems Regulator (PSR) has outlined new consumer protections for people who have been tricked into transferring money to scammers will be able to receive up to £415,000 back per claim under new fraud requirements coming into force next year, The measures are is in line with the maximum award the Financial Ombudsman Service…
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New research by the British Retail Consortium (BRC) has found that cash use has grown for the first time in ten years as shoppers keep a close eye on their budgets while prices rise, retailers have said. The research found that 19% of purchases were made with money last year with retail sales rising 4.3%…
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Latest analysis by Barclays showed that consumer card spending grew 2.9 % year-on-year in November – less than the latest CPIH inflation rate of 4.7 % but higher than October’s 2.6 % growth – as consumers’ confidence in their ability to spend on non-essential items (56 %) reached its highest level since April. The high…
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Two-thirds (64%) of consumers have admitted to prioritising their money management this Christmas, compared to just a quarter (25%) last year according to research by Lowell. The research found that despite 68% of consumers feeling the pressure from social media, TV advertising, friends and family to spend big in 2023, people are planning to be…
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The total value of refunds and charge disputes could be as high as £13.2 billion per year in the UK, with the cost implications for retail Britain set to be greater still, according to new research from Equifax. The research found that more than two in three consumers (71%) have never had a refund or…
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Latest cost of living research from Royal London has revealed how consumers have raided their savings to cover the rising cost of living. The cost of housing, food and energy bills have risen by an average of £494 a month by September this year when compared with August 2022. In the fourth wave of its…
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New figures released by the Payments Systems Regulator (PSR) has shown for the first time, the full extent of how well banks and other payment firms performed in tackling APP scams and how they treated those who fell victim in 2022. The report showed that TSB fully reimbursed 94% of the APP scam cases reported…
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The total number of payments (consumer and business) in the UK last year increased to 45.7 billion, up from 40.4 billion in 2021 according to data analysis by UK Finance. Payments made by businesses accounted for 13 per cent of the number of all payments made in the UK during 2022. However, due to the…
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A new study from Juniper Research, the foremost experts in payments, has found the value of cross-border eCommerce will exceed $3.3 trillion in 2028, from $1.6 trillion in 2023. With disposable income rising in developing markets, eCommerce merchants and marketplaces are pivoting towards them. Given the prevalence of alternative payment methods in developing markets, such…
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