Credit, Collections & Insolvency News
Renters are left with just an average of £440 of disposable income each month after paying for bills and essentials—almost half the £872 reported by homeowners. Yet despite tighter budgets, renters are more proactive in managing their money, with 27% checking their credit score monthly compared to just 20% of homeowners, according to new research…
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Households with £2,000 in savings are around 60% less likely to fall behind on household bills, according to new research from the University of Bristol’s Personal Finance Research Centre, commissioned by the Building Societies Association (BSA). The study, which followed thousands of UK households over a decade, provides new evidence that savings play a crucial…
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Over half (54%) of pensioners on a low income find it a struggle to keep up with bills and credit commitments, causing misery and worry to hundreds of thousands of retirees. The findings are revealed in new research by the Living Wage Foundation based on polling of pensioners who are on a low income. The…
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A new study by Go.Compare has revealed that an estimated 6.6 million people now rely on their credit cards to pay everyday bills such as groceries and utilities. In total, 17% said they need their card to afford their bills, with 13% stating that the cost of living crisis is the reason for this. This…
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Latest data from StepChange has found that two in five (41%) have found it difficult to keep up with bills and credit commitments in the last few months. The debt charity data has also found that, among those with a mortgage seeking debt advice, mortgage arrears have been steadily rising this year. The average arrears…
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New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 185 live in Scotland) has revealed two in five (41%) Scots have found it difficult to keep up with bills and credit commitments in the last few months. This is up by twelve percentage points year-on-year, from three in ten (29%)…
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New research by NFU Mutual has found that despite financial confidence growing overall across the UK, the number of those feeling confident about their finances within the next 12 months has reduced (41%) compared to August 2023 (52%) with 24% of respondents still concerned around household bills. Those aged 75 and above are the most concerned…
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New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments with 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. This is still higher than the 5.8 million recorded in February 2020, before the…
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Household bills have surged by £326 on average in the past 12 months according to research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills has increased by up to 6% in the past year.…
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Worries about housing costs have hit the highest levels ever recorded by Which?’s Consumer Insight Tracker, as interest rates are widely expected to rise further. The Insight Tracker recorded highest levels of concern around housing costs – with four in five mortgage owners (79%) and 4 in 5 renters (81%) saying that they were worried…
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Research carried out by Opinium on behalf of Hargreaves Lansdown has found that only 61% of people said they thought it was a realistic prospect they could cover their bills in retirement. Less than a third (29%) thought they would not need to worry about money and less than half (45%) thought it was a…
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Six in ten households (63%) who are not confident they will be able to pay their bills in the coming weeks have taken no steps to strengthen their finances according to Comparethemarket’s new Money Action Index. The research shows that almost two-thirds (64%) of households worried about the cost of living have found it difficult to pay…
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A new survey by YouGov for StepChange Debt Charity finds that 45% of all British adults, equivalent to 23 million people, have found it difficult to keep up with household bills and credit commitments in the last few months, up from 30% in October 2021 and 15% in March 2020. The figures mean the number…
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