Access the full podcast series here
Summary
This podcast episode discusses recent news stories, events, reports, and trends in the credit industry. The hosts highlight the launch of a new UI by Webio, which has received positive feedback from customers. They also discuss the rise in mortgage defaults and missed payments on credit cards and loans, as well as the increasing household bills and council tax non-payment issues. The hosts provide insights and tips on negotiating insurance premiums and express concern over the financial difficulties faced by local councils.
Key Points
- YPO has announced the launch of its new UI, which has been well-received by customers.
- Mortgage defaults and missed payments on credit cards and loans have surged and are expected to continue rising.
- Household bills, including energy, water, home insurance, motor insurance, and council tax, have significantly increased in the last 12 months.
- Unpaid council tax bills across England have risen by 53% from March 2020 to March 2023, hindering the functioning of local councils.
- In November 2023, Nottingham City Council issued a section 114 notice, indicating its inability to deliver a balanced budget.
- One in five local councils may be insolvent by next year due to financial challenges.
- The money received by councils from the Central Government has been cut by 40% in real terms between 2010 and 2020.
Key Statistics
- Mortgage defaults and missed payments on credit cards and loans are at their highest levels in the last five years.
- Among lower earners, 27% are in arrears, and 37% have debt worries.
- Average unsecured debt payment for middle earners is £315 per month.
- Unpaid council bills across England accumulated to nearly £5.5 billion from March 2020 to March 2023.
- The cost of living crisis has led to a 326 pounds increase in average household bills in the last 12 months.
Key Takeaways
- The new UI launched by YPO has been well-received and is expected to enhance user experience and AI capabilities.
- Mortgage defaults and missed payments on credit cards and loans indicate financial challenges faced by individuals.
- Rising household bills and council tax non-payment issues are causing financial difficulties for many.
- Haggling with insurance providers may help in reducing premium costs.
- Local councils are experiencing financial strain and may become insolvent.
- Reductions in funding from the Central Government have impacted the functioning of local councils.
RO-AR insider newsletter
Receive notifications of new RO-AR content notifications: Also subscribe here - unsubscribe anytime