One in five borrowers only make minimum repayment on credit card debt

One in five (20%) people only managed to make the minimum repayment on their most recent bill according to research from Compare the Market. The research shows that less than half of borrowers (48%) are regularly paying off their credit card balance in full each month. This suggests that outstanding balances on cards are increasing…

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Credit card spending increased by 6.2% in November 2023

19th February 2024 Consumer Lending | #credit card debt

UK Finance has released its latest card spending data for November 2023 highlighting that there were 379.3 million credit card transactions in November, 6.4 per cent more than in November 2022. The total spend of £20.9 billion was 6.2 per cent higher than November 2022.  Outstanding balances on credit card accounts have grown by 9.8…

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One in two people paying interest on £31bn of credit card debt every month

New research by TotallyMoney has found that one in two people are paying banks interest on a total of £31 billion of credit card debt every month with the average outstanding monthly balance they’re paying interest on is £2,748. Each year, on the average balance, those with a poor credit score could be paying £1,371…

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Credit card spending debt increased by 8.7% in July

18th October 2023 Consumer Lending | #credit card debt

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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Credit card balances climb by 9.5%

Latest UK Finance figures has shownn that outstanding balances on credit card accounts has grown by 9.5% over the past year. UK consumers held more than £61 billion in credit card debt at the end of April, up from £57 billion last year and £1.2 billion more than at the beginning of 2023. 49.6 per…

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Increase in credit card missed payments

22nd February 2023 Banking and Loans | #credit card debt

Latest research by FICO has shown that there was a significant rise in cardholders missing one credit card payment in December 2022. The research showed that accounts missing one payment jumped month-on-month by 19%. The percentage of accounts with two missed payments was 19%  higher than in December 2021 and 20% higher for three missed…

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Latest lending figures show rise in credit card borrowing

Latest Bank of England figures show that people turning to credit cards and loans to cope with the cost of living crisis are being hit by higher interest rates. Average credit card rates hit 21.43% in June, with this an 0.87 percentage point rise on a year ago when the average credit card rate was…

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One fifth of credit card users have missed payment in the last 6 months

Almost one-fifth of UK credit card users (19%) have missed a credit card repayment within the past six months due to the rising cost-of-living, according to new research by comparethemarket.com. The research is published as the Office for National Statistics revealed that prices across the economy are rising by 9.1% a year, squeezing household budgets.…

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