Cost of living crisis pushing 6% of people to start borrowing for the first time

Since the onset of the cost-of-living crisis, 6% of people have started borrowing for the first time, and 8% are borrowing more according to research by Hargreaves Lansdown. The research found that some groups are more likely to have stepped up their borrowing – including younger people, women, renters, and parents. Meanwhile, other groups have…

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Bank lending predicted to rise by £29bn with UK avoiding recession

The UK economy has performed better than expected so far this year, and should avoid recession, leading the EY ITEM Club to upgrade its 2023 UK bank lending forecast for households and businesses. Total loans to households and businesses are expected to rise 1.2% this year (a net increase of £29 billion), improving on February’s forecast which…

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Banks’ online security flaws highlights fraud risk

7th February 2023 Consumer Lending | #bank fraud

A study by the consumer group Which? has found that banks are putting customers at risk of fraud by sending security codes via text. In an investigation into 13 current account providers, The consumer champion’s tests found several banks were missing basic online and app protections. The research comes after 29,102 cases of remote banking…

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Mortgage demand plummets

20th January 2023 Consumer Lending | #mortgages

Lenders believe that credit availability will decrease in the first quarter of this year, a new survey from the Bank of England (BoE) shows. The research found that mortgage demand plummeted in the wake of the mini-budget, and is expected to keep falling. Whilst the demand for credit cards and loans fell, and is expected…

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Half of adults think young people spend too much to buy a home

14th June 2022 Consumer Lending |

Half (48%) the UK public think a key reason more young adults today cannot afford to buy their own home is they spend too much of their income on things like takeaway coffees and food, mobile phones, subscription services like Netflix and holidays abroad, according to a new study by the King’s College. In reality,…

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Jaywing appoints MD to lead Risk Consultancy business

25th April 2022 Appointments | #appointments

Jaywing has appointed Dean Mitchell as Managing Director (MD) of Consulting Services. Mitchell will be responsible for the delivery of services of Jaywing’s risk consulting business which has recently seen a series of new client wins, alongside its longstanding relationships with existing clients, many of whom are among the UK’s leading financial services brands. Mitchell…

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Travel-related average credit card spend increases 453%

1st April 2022 Consumer Lending | #credit card

Credit provider, NewDay has published insights into its customers’ spending trends for the first two months of 2022. The data showed consumers prioritised booking holidays, with average credit card spend on hotels, flights and travel bookings increasing 453% in January and February year-on-year (YoY) as consumers took advantage of reduced global travel restrictions. The further…

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Credit card borrowing hits record high

Latest figures from the Bank of England (BoE) has indicated that consumers borrowed a net £1.5 billion on credit cards in February, the highest monthly amount since records began in 1993. The figures showed that lending to consumers rose by the most in nearly five years in February, jumping 90% compared to January. Consumer credit…

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Increase in prime borrowers using second-charge mortgages

A new report by Evolution Funding has found an increase in the number of prime borrowers who are taking out second-charge mortgages. The report says the second-charge product split by volume of mortgages is 73% for traditional debt consolidation borrowers, compared to 27% of prime borrowers in the three months to the end of February.…

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Contactless spend increases by 30% since new £100 limit was introduced

UK Finance’s latest card spending data shows the average amount spent per contactless card transaction rose by almost 30 per cent following the contactless limit increase to £100 in October 2021. In September 2021, when the contactless limit was £45, the average spend per contactless payment was £11.86, this increased to £15.30 in December. The…

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Consumer finance new business grew by 51% in January

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 51% in January 2022 compared with the same month in 2021. In the twelve months to January 2022, new business grew by 23% compared with the same period in 2021. The credit card and personal loan sectors…

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Consumer card spending grew 13.7% in February

9th March 2022 Consumer Lending | #spend

Latest data from Barclaycard has revealed that spending on essential items rose 12 per cent in February. This increase was largely driven by an 11.2 per cent rise in spend on fuel, likely due to climbing prices at the pump, as well as the easing of work-from-home guidance encouraging more Brits to commute. While supermarket…

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15m borrowers have a ‘poor understanding’ of how to compare loan costs

8th March 2022 Consumer Lending |

Millions of people are failing to compare lending products from at least two providers and risk not getting the best deal available to them, according to analysis of FCA data from Freedom Finance, The data shows a widespread lack of shopping around across most loan products, and a low-level understanding of terms like APR that…

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