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
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.