Credit, collections & insolvency news
Latest data from UK Finance has found that there were 377.9 million credit card transactions in August, 0.1 per cent fewer than in August 2022. The total spend of £20.6 billion was 2 per cent higher than August 2022.
Outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months to August and 50.1 per cent of outstanding balances incurred interest compared to 51.2 per cent twelve months ago.
Debt card spending figures show that there were 2.19 billion debit card transactions in August, 2.3 per cent more than in August 2022. The total spend of £66 billion was 0.9 per cent higher than August 2022.
Contactless payments accounted for 64 per cent of all credit card and 76 per cent of all debit card transactions. There were 1.6 billion contactless card transactions in August, 4.8 per cent more than the 1.5 billion in August 2022.
The total value of contactless transactions was £24.6 billion in August, a 7.7 per cent increase on £22.8 billion in August 2022.
Latest data by the Finance & Leasing Association (FLA) has shown that consumer finance new business fell in September 2023 by 3% compared with the same month in 2022. In the nine months to September 2023, new business also remained 3% lower than in the same period in 2022. The retail store and online credit…
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The EY ITEM Club forecast presents a mixed picture for consumer spending, which is expected to benefit from several supports. Although pay growth is expected to ease, inflation should decline more quickly. Falling energy bills, easing food price inflation and weaker pipeline price pressures mean inflation is predicted to average 7.4% this year (down from…
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Latest figures UK Finance showed that there was an 8.7 per cent increase in outstanding balances on credit card accounts over the twelve months to July and 49.9 per cent of outstanding balances incurred interest compared to 51.5 per cent twelve months ago. There were 374.5 million credit card transactions in July, 8.5 per cent…
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The Bank of England’s Financial Stability Report has forecast a continued rise in households with high debt servicing ratios and an increase in the use of consumer credit. The report says that while households and businesses are already facing cost-of-living pressures and higher borrowing costs, the full impact of higher interest rates has yet to through…
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Latest Bank of England (BoE) data has shown that borrowing of consumer credit by individuals amounted to £1.6 billion in August, up from £1.3 billion in the previous month. Consumer credit growth rose to 7.6 percent in August 2023 with outstanding balances for consumer credit now standing at £217 billion. Net borrowing of mortgage debt by…
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