According to Money Supermarket 19 million Brits admit to a previous decade of debt. Over a third (37 per cent) of Brits have been saddled with this debt for up to ten years. Two fifths (38 per cent) of UK credit card holders do not clear their balance in full at the end of each month
MoneySuperMarket also analysed 3 million loan enquiries between January 2015 and March 2017. They state that 28 per cent of us want to borrow an amount equal to at least half of their annual income. 10pc want to borrow more than their income with an average £5k above their annual salary. On average, Brits are now borrowing £8,958, which is an increase of over £300 over 2 years. The most popular loan is for funds to buy cars, consolidating debts is number two reason, then home improvements, holidays and weddings.
Lloyds Bank have led the way in reducing overdraft charges. From November, there will be a simple, single rate of 1p per day for every £7 of planned overdraft usage, clearly linking the amount charged to the amount and period of borrowing. All fees and charges associated with unauthortised overdrafts will be removed. With the new single rate, a Lloyds Bank customer with the Classic current account who goes overdrawn by £100 within their planned limit for 10 days, will pay £1.40. Previously, they would have been charged £6.38.A Halifax customer with a Reward current account, who goes overdrawn by £100 up to their planned limit of £100 for ten days, and is also unplanned by £50 for two of those days, will pay £1.40. Previously they would have been charged £18.00.
June had an increase in footfall. According to Springboard Footfall Monitor the hot June weather led to a growth in retail footfall, up 0.8% on last year. The 3 month averegae is + 0.5%.
Recap of June Money Charity stats for June;
In May inflation was the highest for nearly four years at 2.9%. (but has now fallen back to 2.6 in June, meaning the B of E is not now likely to raise interest rates)
Net lending to individuals is increasing at £143 million a day.
Personal debt grew year on year to over £1.5 trillion (+3 per cent) equates to an extra £887 per UK adult.
Individual savings year on year are at a record low with only 3.3% of net earnings being saved on average.
There were 4.921 million working age unemployed claiming benefits which is an annual decrease of 5 per cent.
There were 425,000 unemployed 18-24 year olds, which is also a 5 per cent decrease.