Credit, collections & insolvency news
Outstanding balances on credit card accounts have grown by 6.4 per cent over the twelve months to October and 49.4 per cent of outstanding balances incurred interest compared to 50.2 per cent in October 2023 according to latest data from UK Finance. The data showed that there were 385.6 million credit card transactions in October, 2.6…
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Latest UK Finance data releases has shown tha credit card spending and transactions increased in August 2024. The data showed that there were 381 million credit card transactions in August, 1.3 per cent more than in August 2023. The total spend of £20.9 billion was 1.9 per cent higher than in August 2023. There were…
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Latest UK Finance card spending data for April 2024 has shown that outstanding balances on credit card accounts have grown by 8.3 per cent over the twelve months to April and 49.4 per cent of outstanding balances incurred interest compared to 49.6 per cent in April 2023. There were 374.6 million credit card transactions in…
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Latest data from UK Finance has shown that credit card spending has continued to increase as consumers face economic pressures. The report revealed an 0.8% rise in total credit card spending year-on-year and a 5.9% increase in contactless transaction values. James O’Donnell, Director of Research & Consulting at TransUnion said “The UK Finance card spending…
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Latest on UK Finance’s latest card spending figures has revealed that outstanding balances on credit card accounts have grown by 8.8 per cent over the twelve months to May and 49.7 per cent of outstanding balances incurred interest compared to 51.2 per cent twelve months ago. In the 12 months to May and 49.7% of…
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Latest analysis of credit card data from FICO has painted a picture of considerable consumer financial volatility as the dual pressures of higher inflation and higher interest rates squeeze funds. FICO says the ongoing inflationary challenges faced by consumers continue to be reflected in higher levels of credit card spend, compared to 2022 – with…
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Latest data from FICO on UK credit card trends has illustrated the financial balancing act many consumers are facing. Average card spend has increased month-on-month and year-on-year. Higher prices for day-to-day purchases will be reflected in this increase. UK consumers are also paying off less of their outstanding balance, indicating the squeeze on personal budgets.…
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Latest data from UK Finance found that credit card balances grew in November 2022. The data found that there were there was 355.1 million credit card transactions in November, 0.3 per cent more than in November 2021. The total spend of £19.6 billion was 5.3 per cent higher than November 2021. Outstanding balances on credit…
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Latest figures from UK Finance have indicated that cash is no longer king as contactless card use figures have soared. The figures showed that contactless payments increased by 83% for credit cards and 56.2% for debit cards. Whilst there were 2 billion debit card transactions in November 2021, 29.5% more than the same month last…
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Black Friday and Christmas has helped card average spending to increase to a new over two-year high according to new analysis of UK card trends for November 2021 by FICO. With average spending and cash usage rising, the data was typical of previous festive seasons. However, a drop in the percentage of payments to balance…
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More than half (55%) of consumers believe that the increased contactless limit could encourage people to spend more money this festive season. NerdWallet’s Consumer Borrowing Index, a nationally representative study of 5,000 UK adults, has revealed two in ten admitted to spending with less thought since the limit rose to £100 from £45 on 15…
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UK Finance has published its latest Card Spending Update for September 2021 which showed that outstanding balances on credit card accounts have contracted by 4.5 per cent over the twelve months to September, as a result of repayments outstripping new borrowing in the year. The latest data indicated that there were 1.9 billion debit card…
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