Risk

Consumer card spending grew 12.2% per cent in December

11th January 2022 Consumer Lending | #consumer spending

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…

Huge age discrepancy in credit score attitudes highlighted in research

11th January 2022 Alternative Consumer Lending | #credit reference

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…

House prices rise at fastest pace since 2007

10th January 2022 Consumer Lending | #mortgages

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…

Consumers using BNPL are much more likely to be struggling

7th January 2022 Alternative Consumer Lending | #BNPL

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…

Bank of Mum and Dad financing more than home deposits

6th January 2022 Alternative Consumer Lending | #bank of mum and dad

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…

More than half of consumers are paying interest on credit cards

5th January 2022 Banking and Loans | #credit cards

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…

Households borrowing on credit cards increases

5th January 2022 Consumer Lending | #consumer lending

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.…

Amazon partners with Barclays to launch BNPL service

24th December 2021 Alternative Consumer Lending | #BNPL

Amazon customers will have the option of using a buy now, pay later (BNPL) service after the online retailer teamed up with Barclays to launch a new flexible payment method. Instalments by Barclays will enable Amazon shoppers to finance purchases of £100 of more via their account. The reusable credit account can be used on…

Households set to spend £1.3bn this Christmas using BNPL schemes

22nd December 2021 Alternative Consumer Lending | #BNPL

New research by Scottish Friendly has indicated that households set to spend £1.3 billion this Christmas using buy-now pay-later (BNPL) schemes. The survey of 2,000 UK adults found that nearly three in ten (28%) are likely to make Christmas-related purchases using BNPL schemes this year. On average they will spend £162 using BNPL payment options,…

Three fifths of 18 to 50-year-olds have used Buy Now Pay Later

17th December 2021 Alternative Consumer Lending | #BNPL

New research by OpenMoney has found that almost three fifths (57%) of adults aged 18 to 50 have now used Buy Now, Pay Later schemes (BNPL), up from half (49%) last year. The largest rise in usage has been among 45 to 50-year-olds, where 16% growth in the last year makes it the age group…

Fear of rejection putting off millions of borrowers

15th December 2021 Consumer Lending | #consumer lending

Millions of people in the UK are being put off accessing credit products because they fear a rejected application could harm their chances of a loan in the future, according to new analysis from Freedom Finance, one of the UK’s leading online consumer lending platforms. The research shows that more than one in 10 (11%)…

Biggest banks pass financial stress test

14th December 2021 Consumer Lending | #consumer lending

A new report by The Bank of England (BoE) says that Britain’s financial system is healthy enough to withstand a deep recession. The report found that major UK banks are strong enough to keep supporting households and businesses, even in severe scenarios. The Bank’s annual stress test found that the country’s eight biggest lenders would…

Consumer credit predicted to fall 0.7%

13th December 2021 Consumer Lending | #consumer credit

Net lending via credit cards and personal loans is also set to end the year in negative territory, falling 0.7% on top of 2020’s 9.8% decline according to the latest EY ITEM Club for Financial Services Forecast. The lrnfingfigures equates to a £1.4bn fall in the stock of consumer credit, as households have made more repayments…

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