Welcome!

News Feed Item

Callcredit Research Finds 50% Increase in Those Over 35 Taking Out Credit to Cover Household Bills

LEEDS, UNITED KINGDOM -- (Marketwired) -- 04/24/13 -- Research published today by Callcredit Information Group has found that there has been a 50% increase in consumers over the age of 35 taking out credit to cover household bills in the last two years.

Whilst historically debt consolidation, car purchases and unforeseen circumstances had been the key reasons for taking out credit, the last two years have seen the 'squeezed middle' struggling to make ends meet and the requirement for additional credit to cover household bills has become more prominent.

Key findings:


--  24 per cent of consumers have taken out credit in the past 2 years for
    debt consolidation, a 6 percent increase 
    
--  18 per cent have taken out credit due to unforeseen circumstances 
    
--  15 per cent have used credit to purchase household goods 
    
--  12 per cent have taken out credit in order to pay household bills
    

As household incomes continue to be challenged and as more people are unable to put aside any money each month, the fast.MAP(i) research also highlighted that debt consolidation and unforeseen circumstances were the next most prevalent reasons for taking out credit.

Once again it was the older age groups suffering most with 30 per cent of 45 to 54 year olds taking out credit to consolidate debt, whilst 13 per cent of those in the same age bracket are taking out credit to pay household bills.

Graham Lund, Managing Director commented, "This latest research indicates that the financial situation for many is continuing to get harder. With more and more people having to use all of their salary to cover the costs of day-to-day expenses, they do not have the spare cash to cope with the continued increases in the cost of living and are seeking alternative means to fund these rising costs.

"Consequently it is now more important than ever that lenders conduct the necessary affordability checks to make certain that the applicant is not financially over stretched and will be in a position to pay back the credit."

Graham concluded, "Given the proposed recent OFT regulation within the short term lending sector it is clear that affordability checks are high on the agenda and are a key element in helping to support responsible lending practises across mainstream and alternative lending sectors. At Callcredit we recognise the importance of gaining a complete view of an individual's financial history, which is why over the last seven years we have developed a suite of affordability products that allow lenders to achieve a complete view of customer's finances. Our longevity in the subject of affordability means we are experts in the field and we are therefore in a prime position to assist lenders in undertaking these vital affordability checks."

About Callcredit Information Group - www.callcredit.co.uk.

Callcredit Information Group's leading approach to deploying consumer information brings together experts across the fields of credit referencing, marketing services, interactive solutions and consultative analytics to provide businesses and consumers with a range of innovative products and services.

Callcredit's business solutions are designed to help companies discover new customers and improve their engagement with existing customers. Products include award-winning fraud verification tools, consumer marketing data and segmentation to improve customer understanding, global operations to help expand businesses into new markets, and interactive / digital marketing services.

Callcredit also offers bespoke debtor tracing and recovery tools, and market analysis and network planning for a range of sectors.

(i)Research conducted by fast.MAP from a sample of 2,052 individuals randomly selected from their Consumer Voice panel. Members are recruited via a number of sources to demographically represent the markets based on age and gender.

Contacts:
Callcredit Information Group
Duncan Bowker
PR Manager
0113 388 4300 or Mobile: 07557 263 660
duncan.bowker@callcreditgroup.com

Callcredit Information Group
Lucy Smith
Press Officer
0113 388 4300 or Mobile: 0786 739 5104
lucy.smith@callcreditgroup.com

Callcredit Information Group
Amy Bhavra
PR Officer
0113 826 6845 or Mobile: 0755 716 2990
amy.bhavra@callcreditgroup.com
www.callcredit.co.uk

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, discussed how Numerex, as an experienced, established IoT provider, has embraced a new m...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...