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
[email protected]

Callcredit Information Group
Lucy Smith
Press Officer
0113 388 4300 or Mobile: 0786 739 5104
[email protected]

Callcredit Information Group
Amy Bhavra
PR Officer
0113 826 6845 or Mobile: 0755 716 2990
[email protected]
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
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. 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 ...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Hostway Services, Inc. and WSM International have partnered to deliver trouble free migration services for any organization that wishes to bring their IT infrastructure to Hostway's Azure managed cloud services. WSM is the leader in providing turn-key IT migration services since 2003 and is now the preferred provider to any Hostway customer that is seeking to move its computer infrastructure to the Hostway Azure-based cloud.