Credit card borrowing rises to highest level since 2004

5th January 2023 Consumer Lending | #credit cards

Credit card borrowing rose in November to its highest monthly level since 2004 according to latest Bank of England data. The figures showed individuals borrowed an additional £1.5 billion in all forms of consumer credit, an increase on the £700m borrowed in October, of which £1.2 billion was on credit cards (an increase of £400m…

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Average credit card spend falls by £70

21st December 2022 Consumer Lending | #credit cards

The average spend on credit cards dropped by £70 in the space of two months, according to research by FICO for October. The data also showed that average total sales were 5 percent lower than September at £740. The average active balance on credit card accounts also dropped in October to £1,570 – 1.5 percent…

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Customers missing one credit card payment increases by 8.3%

23rd November 2022 Arrears and Recoveries | #credit cards

Latest to research from FICO has found that the number of customers missing one payment increased by 8.3 percent compared to August and 9.1 percent year on year. The research also found that average total sales were £775, 4.56 per cent lower than August. The average active balance also dropped in September to £1,595 –…

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One in two households more reliant on credit cards

21st November 2022 Consumer Lending | #credit cards

One in two (54%) UK adults are relying on their credit card more than their debit card because of the rising cost of living, according to new research by Comparethemarket. Over a quarter (27%) are also borrowing money from family and friends. The most popular credit card spending category, with more than one in three…

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Cost of credit cards and personal loans continues to grow

20th October 2022 Consumer Lending | #credit cards

Analysis of the latest Bank of England figures from Freedom Finance has shown that rates on all major forms of consumer credit rose again in September continuing the upward trend in the cost of borrowing that has persisted all year. Household budgets are already facing a severe winter squeeze as inflationary pressures and the spike…

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Credit card cash withdrawal figures increase

13th October 2022 Credit Cards | #credit cards

Credit card use by consumers to withdraw cash has increased steadily in the past three months according to latest analysis by FICO. The figures showed that card usage increased by 6.7% and 3.4% in July. Average total sales were £790 in June and July and £810 in August a more than 14 percent increase year…

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Consumers spending £17m on expensive card charges each month

New TotallyMoney research has shown that each month, consumers are using credit cards to withdraw £240m in cash, resulting in £16.9 million in interest card charges and fees. The analysis found that the average cash advance of £139 could cost an extra £10 in interest and fees. It was also found that the total value…

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Credit card spending increased by 10.7% in June

27th September 2022 Arrears and Recoveries | #credit cards

UK Finance has shared its latest credit and debit card data which has highlighted an increase in credit card usage when compared to 2021. The date showed that were 343 million credit card transactions in June, 10.7 per cent more than in June 2021. The total spend of £19 billion was 18.7 per cent higher…

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Consumers seeking greater access to credit as demand for credit cards rise

22nd September 2022 Consumer Lending | #credit cards

Only half of UK consumers currently feel that they have sufficient access to credit, according to figures revealed in TransUnion’s latest Consumer Pulse study. Despite the majority of consumers (71%) acknowledging the importance of credit in helping them achieve their financial goals, just 49% say that they have sufficient access. Almost a fifth(18%) state they…

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Credit card usage increases due to cost-of-living crisis

22nd August 2022 Consumer Lending | #credit cards

The rising cost of living is driving a significant increase in credit card reliance according to new research by Money.co.uk. The research examined the spending habits consumers are using to cope with the increased cost of living. The research found that 1 in 4 (24.60%) Brits said that the cost of living is the main…

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Spending on credit cards increases by a third

18th August 2022 Consumer Lending | #credit cards

Spending on credit cards has increased by a third as more people  have turned to borrowing cash amid the cost-of-living crunch. The research by UK Finance found that credit card holders spent just under £20 billion in May, a 33 per cent jump in the total spend compared to the same month last year. Debt…

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Credit card rates hit highest level since 1998

9th August 2022 Consumer Lending | #credit cards

The latest Bank of England figure has revealed that quoted household interest rates on credit cards rose significantly in July and are now at their highest level in nearly two and a half decades. New analysis from Freedom Finance has found that average credit card rates jumped 0.23 percentage points from June to hit 21.66%…

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Virgin Money to launch BNPL credit card

Virgin Money has announced plans to enter the new buy now, pay later (BNPL) market later this year with a credit card product called Slyce. Virgin Money says that the product gives customers the flexibility to buy now, pay better, as customers can use Slyce for all their buy now, pay later spending (consolidating it all…

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