Credit, Collections & Insolvency News
Research by KIS Finance has revealed that as a direct result of the rising cost of living, 57% of people in the UK are either already struggling financially, or expect to do so in the very near future. With no solution to the war in Ukraine in sight, the situation is set to get much worse, as…
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The extension of cost-of-living costs is impacting three-quarters of households new ONS fortnightly data has revealed. In the first half of February, 76% of people said their cost of living had risen in the previous month, up from 69% in the second half of January. The most common price rise they mentioned was the increasing…
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The Bank of England (BoE) has increased interest rates to 0.5% from 0.25% as it looks to restrain a surge in the cost of living. With inflation soaring, the Bank opted to increase rates at successive policy meetings for the first time since 2004. Forecasts suggest inflation, as measured by the consumer prices index, is…
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Research by KIS Finance has revealed that as a direct result of the rising cost of living, 57% of people are either already struggling financially, or expect to do so in the very near future. With inflation jumping to 5.4%, its highest level in almost 30 years, increasing numbers are finding it challenging to make…
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Over a third of consumers will not spend money on a foreign holiday or staycation in 2022, according to new research by leading price comparison service MoneySuperMarket in a further sign that the cost of living is continuing to rise. The research, which explores consumers major spending intentions in 2022 and how they intend to…
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The Government should reject over-complicated solutions to the cost-of-living crisis and simply make one-off cash payments to millions of households, according to Dr Aveek Bhattacharya, Chief Economist of the Social Market Foundation. The Social Market Foundation says that cash payments of up to £500 would be the best answer to the cost-of-living crisis, allowing households…
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Benefits will need to be hiked by twice as much as planned this spring in order to protect millions of the poorest in society from the impact of surging inflation according to new analysis by the Insititute of Fiscal Studies (IFS). The analysis shows poorer households tend to spend almost three times as much of…
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Households have suffered the sharpest fall in the amount of cash they have available to spend for almost eight years, amid a worsening cost of living crisis driven by high inflation and rising energy bills. Research by Scottish Widows’ Household Finance Index found that surging living costs hit people’s pockets and led to the steepest…
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The Bank of England data for November showed a significant net increase in borrowing on credit cards, which StepChange Debt Charity warns may be an indicator of increasing underlying financial stress among some households. Credit cards remain the most common type of unsecured debt held by new StepChange clients at the time they take advice.…
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More than four in five (82 per cent) people have seen their living costs such as grocery or energy bills and day-to-day essentials increase in the past few months, according to new research by TSB. The bank’s research, through its money confidence barometer, indicated that as a result of the cost of living rises, nearly…
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Analysis from the New Economics Foundation (NEF) has found that half of UK families have seen their disposable incomes shrink in the last two years, with the poorest half of the population seeing their incomes squeezed by £110. The report also shows that the richest 5% are £3,300 a year better off. The analysis found…
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