Credit, Collections & Insolvency News
New research from Compare the Market reveals that more than half (52%) of people would be willing to switch credit cards if they found one offering better rewards aligned to their personal needs, even if it came with a higher interest rate. Nearly half of respondents (46%) value cashback as the most important credit card…
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New research by TransUnion has revealed that over the last 12 months, there has been an 8% increase in the proportion of UK consumers who said they have a credit card, yet a third say they don’t know their credit score. The report also found that inflation remains above the Bank of England’s 2% target,…
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New research by Compare the Market has found that only 17% of credit card users have a strong grasp of how credit scores are determined, while over a third (36%) admit to having limited or no understanding. More than four in ten credit card users (46%) worry about maintaining a healthy credit score. However, the…
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One in five small businesses are turning to credit cards to manage cash flow, highlighting a growing trend among entrepreneurs facing unpredictable income and rising expenses. While credit cards can offer flexibility and short-term relief, relying on them without a strategy can quickly spiral into high-interest debt and financial strain. The British Business Bank found…
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Latest data from UK Finance has found that outstanding balances on credit card accounts have grown by 7.6 per cent over the twelve months to July with 49.4 per cent of outstanding balances incurring interest compared to 50 per cent in July 2023. The report also showed that there were 403 million credit card transactions…
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New research by TotallyMoney has found that for the average balance of £2,906 on a credit card, somebody with a poor credit score could pay an extra £872 per year (£73 p/m) in interest compared to somebody with a good credit score. Half (49.2%) of credit card customers pay interest on their borrowing every month…
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Latest UK Finance data for June 2024 has found a small decrease in credit card spending. The data showed that there were 357 million credit card transactions in June, 2.6 per cent fewer than in June 2023. The total spend of £19.9 billion was 3.1 per cent lower than June 2023. Outstanding balances on credit…
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Latest data has found that credit card spending rose 4.2% from May to June 2024, with teh average balance standing at an average of £840 which is 0.1% higher than June 2023 according to FICO’s latest credit card report for June 2024. The data showed that May 2024 saw quite significant month-on-month increases in late…
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Latest UK Finance card spending data for May 2024 has shown that outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months to May and 48.9 per cent of outstanding balances incurred interest compared to 49.7 per cent in May 2023. The data showed 2.3 billion debit card transactions…
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New research by Uswitch has found that the UK’s attitudes to credit cards are changing, as nearly one in three (31%) young people perceive them as ‘potential debt traps.’ Only one in five (20%) of Gen Z say they have ‘no concerns regarding credit card usage’, with the remaining 80% stating their main concerns as…
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UK Finance has published its latest card spending data which has found that outstanding balances on credit card accounts have grown by 9.5 per cent over the twelve months to February 2024 and 50 per cent of outstanding balances incurred interest compared to 51.2 per cent in February 2023. The data showed that there were…
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Eight in ten credit card users admit to making common mistakes, according to new research from Compare the Market. The research found that withdrawing cash using a credit card (37%), only making the minimum repayments (35%), and getting close to or reaching your credit limit (34%) are the most common credit card mistakes. The research…
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New TotallyMoney research has highlighted the rise of credit and debit card interest rates, and found that over the past 10 years, the Bank of England base rate increased by 4.75 percentage points, yet the average card rate has rose by 6.9 percentage points with one lender hiking theirs by 11 percentage points and that…
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