Credit, Collections & Insolvency News
A new study has estimated that 5.7 million people are struggling to keep up with their credit card repayments. The research by Go.Compare found that just over one in ten (14%) credit card holders said they were finding it hard to meet their repayments, meaning millions could be grappling with debts across the country. Young…
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Outstanding balances on credit card accounts have grown by 6.6 per cent over the twelve months to September and 49.4 per cent of outstanding balances incurred interest compared to 50.1 per cent in September 2023 according to latest card spending date from UK Finance The data showed 2.2 billion debit card transactions in September, 4.5…
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Outstanding debt on credit cards increased by nearly 10% in the past year, as households turned to borrowing to cope with inflationary pressures and rising living costs. according to latest UK Finance date. The number of credit card transactions rose by 3.8% to 371.4 million in December, with a total spend of £19.2 billion in…
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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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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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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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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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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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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 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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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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