Credit, Collections & Insolvency News
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 (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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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 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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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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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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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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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 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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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 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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A new report has found that card spending trends for April have indicated early signs of the impact of the widely reported cost-of-living pressures. Fico’s monthly report based on the largest consortium of UK cards data shows a typical rise in card spend and balances, but also a slight increase in missed payments. Average monthly…
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The average credit card holder in the UK believes they will continue to use a physical card for just nine and a half more years, according to new report by finder.com. The figure is quite consistent across all age groups, ranging from millennials who expect to keep using them for under 9 years, all the…
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