Credit, Collections & Insolvency News
New research from StepChange has shown that one in two people (51%) have experienced problem debt, with 44% of them telling no one about their financial struggles. The debt charity is urging people to talk more openly about debt to help break down stigma and encourage those struggling to seek free, confidential advice sooner. New…
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New research by StepChange Debt Charity reveals the long-term and harmful impact that coerced debt can have on someone’s credit record, in many cases preventing them from securing a home, mobile phone contract, car finance agreement, or even employment opportunities. Coerced debt is a form of economic abuse where the perpetrator coerces a victim into…
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Dubbed ‘divorce month’, January has famously been cited as the time of the year when family lawyers see a surge in those looking to end their marriages. According to current data from Google, searches for ‘divorce’ in the week beginning 11th January are at their highest in 12 months in the UK. Family lawyers also…
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A new study by Thinkmoney has found that two in five (39%) people currently using private weight-loss injections are getting themselves into mounting financial difficulty to fund the treatment. According to the survey, the average debt is exactly £1,616, with people’s preferred option to put the cost on a credit card (50%). Almost as many…
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Only 14% of households are worried about debt, but fewer than one in five (19%) are classed as resilient when it comes to their use of it, according to research by the HL Savings & Resilience Barometer. The data also showed that across the board, almost half (46%) of debt is used for consumption rather…
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New analysis by Sprive, suggests a perfect storm is brewing as millions face retiring with mortgage debt hit by late homebuying, sky-high prices, and AI disrupting income security Analysis of official Government housing data* reveals that as buyers are being forced to take on longer mortgage terms later in life, they are increasingly likely to carry…
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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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