Credit, Collections & Insolvency News
Latest Bank of England (BoE) data has shown that consumer credit grew at 7.7 percent in February 2023 as consumers borrowed an additional £1.4 billion in consumer credit, of which £0.8 billion was through other forms of consumer credit (such as car dealership finance and personal loans) compared with £1.7 billion borrowed during January. This…
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Analysis of the latest Bank of England data on average quoted household rates from Freedom Finance has raised hopes that the cost of consumer credit may now be starting to fall. Coinciding with decreases in inflation, the data shows that rates on all major forms of consumer credit have declined between the end of 2022…
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Consumer finance new business grew by 13% through 2022 compared to the previous year according to the latest Finance & Leasing Association (FLA) data. The credit card and personal loan sectors together reported new business up by 17% in 2022 compared to 2021, despite credit card rates reaching their highest level since 1998 and continued…
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Consumer credit is forecasted to grow by 4.8% this year, increasing to 5.3% in 2024 according to EY Item Club predictions. Falling real incomes may to some extent weaken demand for big ticket items often funded by borrowing, a prospective recovery in the economy in the second half of this year is likely to boost…
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Latest Bank of England (BoE) data has shown that consumers borrowed an additional £500 million in consumer credit in December, with this a steep drop on the £1.5 billion borrowed in November and below the previous six-month average of £1.2 billion. Net credit card repayments came in at £0.5 billion, while £1 billion of borrowing…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 6% in November 2022 compared with the same month in 2021. In the eleven months to November 2022, new business was 15% higher than in the same period in 2021. The credit card and personal loan sectors…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 7% in October 2022 compared with the same month in 2021. In the ten months to October 2022, new business was 17% higher than in the same period in 2021. The credit card and personal loan sectors…
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Latest UK Finance data has found that despite the continuing collapse in confidence during Q3, consumer spending remained strong overall, although inflation masked weaker activity. The Personal loan borrowing to fund larger purchases fell away, suggesting the “make hay while the sun shines” effects seen in Q2 may have abated. The figures showed that house…
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Consumers borrowed an additional £800 million in consumer credit in October according to the Bank of England’s latest money and credit figures. Credit increased £200 million when compared to the £600 million borrowed in September but was below the previous six-month average of £1.3 billion. The figures show that new borrowing of mortgage debt by…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in September 2022 compared with the same month in 2021. In the first nine months of 2022, new business was 19% higher than in the same period in 2021. The credit card and personal loan sectors…
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Latest Bank of England data shows that the annual growth rate for consumer credit, which includes borrowing using credit cards, personal loans, overdrafts and car finance, increased by 7.2% in September from 7.1% in August, the highest rate since March 2019. The annual growth rate of credit card borrowing was 12.1 percent with outstanding balances…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 14% in August 2022 compared with the same month in 2021. In the first eight months of 2022, new business was 21% higher than in the same period in 2021. The credit card and personal loan sectors…
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Latest data from the Bank of England show that spending on credit cards rose by £700 million in August as households borrowed heavily to cope with the cost of living crisis. The increase pushed the annual growth rate in spending on credit cards to 12.9%, its joint highest level since 2005. Maintaining a high level…
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