Consumer finance new business increased by 20% in May

7th July 2022 Consumer Lending | #credit

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 20% in May 2022 compared with the same month in 2021. In the five months to May 2022, new business was 28% higher than in the same period in 2021. The credit card and personal loan sectors…

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Credit card borrowing increasing at fastest rate in 17 years

31st May 2022 Consumer Lending | #credit

Latest Bank of England data has indicated that credit card borrowing is rising at its fastest annual rate in 17 years. The annual growth rate for credit card borrowing hit 11.6% in April – the highest figure since November 2005. The figures also reveal that the rate for all consumer credit increased to 5.7% in…

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Borrowing increases as cost of living pressure rises

New data from StepChange Debt Charity shows that the cost of living pressure continues to rise for financially stretched households, as it was the third most commonly cited reason for debt in March, up from the fourth most common in February and the sixth most common in 2021. While 6% of StepChange clients in 2021…

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Credit card borrowing hits record high

Latest figures from the Bank of England (BoE) has indicated that consumers borrowed a net £1.5 billion on credit cards in February, the highest monthly amount since records began in 1993. The figures showed that lending to consumers rose by the most in nearly five years in February, jumping 90% compared to January. Consumer credit…

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Men feel optimistic about finances despite credit reliance

28th March 2022 Consumer Lending | #credit

Men are 50% more likely than women to feel more optimistic about their finances than ever before – a quarter of men (25%) felt this way compared to just 15% of women according to research by Creditspring. However, men are also more likely to rely on credit, with around one in six (15%) men admitting…

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