Credit, Collections & Insolvency News
New research by Stepchange has found that more than one in four (27%) adults in the UK, equivalent to around 15 million people, would be unlikely to speak to a friend, partner or family member about debt problems. The polling, conducted by Censuswide on behalf of StepChange, found generational and gender divides when it comes…
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Young adults are facing significant financial struggles, with many battling debt and seeking help with budgeting, according to new figures released by Christians Against Poverty (CAP). Research carried out by Opinium for CAP found that 35% of young adults are struggling with deficit budgets – spending more than they earn – a far higher number…
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New Censuswide polling from StepChange Debt Charity finds that just over two in five (41%) GB adults – equivalent to 21.3 million people – expect their financial situation to worsen over the next 12 months. The findings show that meeting the cost of living and higher energy bills this month is a major factor driving…
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Nationwide is urging those struggling financially to seek help as a perfect storm of record New Year debt, rising energy bills and tax returns is set to make January a tough month for many. According to Nationwide’s spending data, debt levels in November were already four percent higher than the same month last year, at…
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New research by StepChange Debt Charity has found that low pay, unemployment and high housing costs are driving debt problems among its clients aged 18-24. A new from the charity shows incomes are 28% lower among its clients aged 18-24 compared to all StepChange clients, equating to £490 less per month. With rent taking up…
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New data has revealed a significant increase in debt levels for those approaching or in retirement, with the average debt for ‘baby boomers’ climbing by over 11% in the third quarter of 2024. In comparison to the previous year, boomers’ average debt levels now stand at an average of £19,571. The average debt levels across…
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A two-year study by Fair4All Finance has identified that more than half of adults are living in financially vulnerable circumstances in 47 local authorities across the UK. The research identifies rising living costs, low or unstable incomes, persistent debt and a lack of ‘safety nets’ such as insurance, credit and savings among the factors which leave…
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Almost two in five (37%) 18–24-year-olds who are already in debt are struggling to pay it off, according to a two year-study by Fair4All Finance. The research found that over the last year, 29% of 18–24-year-olds say they have taken on more debt, and a worrying 22% say they have had an application for a…
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New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 185 live in Scotland) has revealed two in five (41%) Scots have found it difficult to keep up with bills and credit commitments in the last few months. This is up by twelve percentage points year-on-year, from three in ten (29%)…
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New research from Moneyboat has found that six in ten (60%) of adults are worried about the effects an unexpected cost would have on their savings, with 23% of adults stating that they aren’t confident that they currently have enough saved to pay for one should it arise. The research also showed that nearly a quarter…
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A new survey by credit management company Lowell revealed that British Gen Z adults owe on average £5,069 of debt, with 13% owing more than £10,000, a further 61% of people admitting financial decisions they have made are already starting to affect their future goals. With almost half (48%) of Gen Z outlining credit card debt as their main…
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New research by Lowell has found that nearly a third (30%) of adults in the UK don’t know how much debt they owe. The research showed that currently, the average total debt per UK household stands at £57,910 and searches for ‘how to become debt free’ have increased by 140% in the last month alone.…
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A new Citizens Advice Scotland (CAS) report has found that over 660,000 people cite debt as impacting their mental health.Analysis of polling from research company YouGov suggests around 665,148 of people in Scotland have seen their mental health and wellbeing affected by debt. CAS Financial Health spokesperson Sarah Jayne Dunn said “There is a clear…
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