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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FCA agrees Amigo Loans customer compensation scheme

Amigo Loans has been given a seal of approval from the Financial Conduct Authority (FCA) for a customer compensation claims scheme, Shares in Amigo tumbled by 55% last May after the High Court stated that it was ‘not satisfied that the court should sanction the scheme’pushing back against Amigo’s original proposal to cap customer compensation claims.…

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Consumer borrowing falls in January

Latest Bank of England (BOE) data shows that borrowing declined in January, with borrowing using credit cards, personal loans and overdrafts totalling around £600m compared to £800m in December. This was split between £100m of additional borrowing on credit cards, and £500m in borrowing in other forms of consumer credit (such as car dealership finance…

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Credit card fraud hit a five-year high

Latest data from the National Fraud Hunter Prevention Service, analysed by Experian, found the detected fraud rate for cards rose by 42% between October and December 2021, when compared to the previous quarter, the highest rate since 2017. Typically, an increase in fraudulent activity is detected over the festive shopping period, but 2021 proved especially…

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Bank of England considers mortgage affordability rule changes

Rules introduced in 2014 by the Financial Policy Committee (FPC) to restrict the amount mortgage applicants could borrow may be reversed following a review by the Bank of England (BoE). Since 2014, Banks have had a limit on the number of mortgages they can offer where someone is borrowing more than 4.5 times their salary.…

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