consumer debt

Two-fifths of 35 to 44-year-olds have had to borrow to make ends meet

28th April 2023 Arrears and Recoveries | #borrowing #consumer debt

A study by the Resolution Foundation think-tank almost two-fifths of 35 to 44-year-olds have had to borrow to make ends meet amid the cost-of-living crisis. The research found that 37% of people in the age bracket relied on formal lending, such as credit cards, overdrafts or loans in March. This was more than double the…

Two in five Universal Credit claimants forced into debt this winter

17th March 2022 Arrears and Recoveries | #consumer debt

Two in five people receiving Universal Credit were forced into debt this winter as payments failed to cover soaring cost of living according to new research by the Trussell Trust. Trussell Trust says new research has revealed the true and devastating consequences of the current cost of living crisis, with hundreds of thousands of families…

Higher earners have more debt as a percentage of their income

26th January 2022 Consumer Collections | #consumer debt

New research by HL Savings and Resilience Barometer, in partnership with Oxford Economics, has found that higher earners have more debt than any other income group and they also have more debt as a percentage of their income. Higher earners also have a bigger proportion of their debt on variable rates than people on lower incomes.…

One in three consumers struggling to keep up with bills

20th January 2022 Arrears and Recoveries | #consumer debt

The number of people finding it hard to keep up with bills and credit commitments has doubled since the start of the pandemic according to new research from StepChange Debt Charity. The charity has found the proportion of people struggling is now nearly one in three (30%) UK consumers – 15 million people – compared…

Double whammy of rising inflation and interest rates means households need debt help

17th December 2021 Arrears and Recoveries | #consumer debt

Many people with significant amounts of outstanding borrowing will be worrying about the double whammy of inflation and higher interest rates following the Bank of England’s decision to raise the policy rate. According to StepChange Debt Charity, higher interest rates will push up the cost of borrowing while being unlikely to feed through to relief…

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