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In total, accounts that missed a single payment jumped 19% month over month. As for those who missed two payments, this increased by 19% year-on-year while those who missed three payments rose by 20% when compared to December 2021.
The pattern of falling payments to the balance sheet also continued in the final month of 2022, with a two percent month-over-month decline and a four percent year-over-year decline.
In addition, while retail sales volumes were widely reported to have fallen in December, the data analytics firm’s figures show the highest average total credit card spending since UK risk benchmarking records began in 2006.
Looking at the numbers in more detail, total sales averaged nine per cent compared to November to £825, while average balances rose five per cent month-over-month to £1,660.
Taking these findings as a whole, FICO believes it will be of particular concern to financial institutions as the focus on Consumer Duty intensifies, adding that those facing this increase in late payments will benefit from using optimized strategies for determining who and when to contact, as well as communication. omnichannel to ensure the message gets through.
Along with this, those with the ability to incorporate digital-first communications will be in a much stronger position to implement effective collection strategies.
