Credit, Collections & Insolvency News
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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Latest UK Finance data has revealed that Credit card balance transfer activity reached £1.8 billion in value in January, according to UK Finance data (The Independent). There were 347.9 million credit card transactions in January, 8.4 % more than in January 2023. The total spend of £20.4 billion was 8.4 % higher than January 2023.…
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Six in ten (62%) people in the UK have a credit card, however nearly two thirds (65%) don’t fully understand how their credit card use can impact their credit score, according to research from Compare the Market. The research found that although nearly a third (31%) of people say they have a “strong” credit score,…
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Latest data from UK Finance has found that there were 377.9 million credit card transactions in August, 0.1 per cent fewer than in August 2022. The total spend of £20.6 billion was 2 per cent higher than August 2022. Outstanding balances on credit card accounts have grown by 8.5 per cent over the twelve months…
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The Bank of England’s Financial Stability Report has forecast a continued rise in households with high debt servicing ratios and an increase in the use of consumer credit. The report says that while households and businesses are already facing cost-of-living pressures and higher borrowing costs, the full impact of higher interest rates has yet to through…
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After a period of relative calm for the consumer credit sector, average rates on lending products registered notable increases through June as fears over sticky inflation linger, according to analysis of the latest Bank of England data from Freedom Finance. Through the first few months of the year, average rates on credit cards and personal…
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More than 2 million people over 65 are known to be living in poverty, with at least a further 1 million also experiencing financial hardship according to research by Independent Age. In a survey of more than 1,000 people over 651, national charity Independent Age has found that one in seven (14%) people over 65…
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Latest UK Finance card spending data on outstanding balances on credit card accounts have grown by 9.6 % according to its latest update for March 2023. Outstanding balances on credit card accounts have grown by 9.6 % over the twelve months to March and 50.3 % of outstanding balances incurred interest compared to 52.3 %…
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New research from Go.Compare has found that 3% of consumers will be paying for their holidays in 2023 using a credit card. In the research Go.Compare asked more than 2000 people about their holiday plans for 2023, where respondents were asked How are you planning to pay for any holidays you hope to go on…
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New analysis of UK credit card activity from FICO has revealed worrying payment patterns amongst customers who have held their cards for between one and five years, known as the established vintage. This group is showing increased rates of missed payments and other signs of financial stress. The research found that established vintage of credit…
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Analysis of the latest Bank of England data on average quoted household interest rates from Freedom Finance has raised hopes that consumer credit rates may now be in reverse after a year of sustained increases in the cost of borrowing. The data shows that average rates on personal loans of £5k and £10k as well…
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