Author: Akbar Lashari

Consumer Spending Declined In December, and Further Decline In January Could Result In Interest Rate Cuts

From November to December 2019, consumer spending declined by 0.6%. PM Boris Johnson’s win has resulted in improved confidence for British consumers, but even with improved disposable incomes due to low unemployment and moderate inflation, households are still not spending as much as expected. If this decline in consumer spending persists, the Bank of England […]

Mortgage Market All Set To Improve Due To Stabilizing Political Environment

According to IMLA, mortgage lending is expected to increase by 1.4% in 2020 to £268 billion. The increase comes as a consequence of a stabilizing political environment in the country following the elections in December, which has improved confidence in the housing market. This forecast comes alongside reports that around 33% of all retirees in […]

Demand Peaks In US Housing Market, with a 30% Increase In Weekly Mortgage Applications

Mortgage rates are currently at one of the lowest points in history, prompting borrowers to refinance or buy new homes. Currently, mortgage rates stand at 3.87% for mortgage loans of up to $510,400. Increasing demand may lead to a shortage of new houses, causing a spike in housing prices and potentially leave many without a […]

Credit Card Customers In The UK To Increase Borrowing In Q1 2020

Bank of England data shows credit card customers are set to increase consumption this quarter. At the same time, large firms will continue to decrease borrowing. Mortgage debt is also experiencing a falling demand in the UK. According to an analysis made by the Bank of England, it is likely that credit card customers in […]

Credit Cards Won’t Be Accepted For Gambling In The UK After April 2020

A recent ban implemented by the government in the UK has disallowed the use of credit cards for the purpose of gambling after the 14th of April, 2020. The ban is meant to protect credit card holders from acquiring too much debt through gambling. The ban would be implemented on the business end, whereby businesses […]

FICO Scores At All-Time High In The US, But Borrowers Are Not Necessarily Any Richer

FICO scores in the US stood at an average of 703 in 2019, the highest point in history, according to data released by Experian. The data also offered comparative figures from prior years, with FICO scores standing at 701 in 2018, and 689 in 2010. Experts believe this increase could have come from new debt […]

Mortgage Debt Rises To $15.8 Trillion, And May Rise Further With Lowest Rates Since 1973

Current outstanding mortgage debt, as of Q3 2019, stood at $15.8 trillion. Mortgage debt will likely increase further due to lower rates leading to increased demand for real estate. The average mortgage rate for 2020 is estimated to be 3.6%, the lowest since 1973. Data released by the Federal Reserve revealed that the total value […]

Proposed FCA Changes Could Bring In An Additional £260 Million Per Year For Savers

Recommended changes could help those maintaining cash savings accounts bring in an additional £260 Million in interest income per year. Banks would have to offer a fixed single rate over a 12-month period. UK Finance believes changes would increase borrowing rates for loans and mortgages. Changes are being proposed by the Financial Conduct Authority in […]

10 Million Britons Were Using Buy Now, Pay Later Services In 2019, and 20% Have Now Damaged Their Credit Scores

Two million British people have reported that their credit score has been negatively impacted after they failed to make timely repayments to buy now, pay later service providers. 60% of all buy now, pay later users didn’t know about the impact missing a payment could have on their credit history. The buy now, pay later […]

Auto Loan Providers May Be Impacted By Changes To The Fair Debt Collection Practices Act

The amendment calls for the number of times third-party debt collectors can make phone calls to borrowers with delinquent accounts to 7 per week. Experts fear regulators could extend this limitation onto direct lenders as well. Frequent phone calls are an effective way for auto loan providers to collect from delinquent accounts. Once a borrower […]