UK debt set to reach £6.7 trillion!
UK debt set to reach £6.7 trillion according to analysis by PwC.
The accountancy firms report indicates that Britain’s total debt will rise 31% from £5.1 trillion in 2017 to £6.7 trillion by 2023.
The most noticeable increase will be in the proportion of household debt which is predicted to rise 37% from £1.9 trillion to £2.6 trillion over the period.
Debt as a proportion of GDP is set to rise from 252% last year to 259% in 2023, almost as high as during the financial crisis.
The rise in household debt is said to be driven by an increase in student loan debt and car finance deals.
Mike Jakeman, a senior economist at PwC, commented the figures did not necessarily mean the economy was in trouble: “I don’t think these numbers are flashing red – more that it’s something households, businesses and the Government need to be aware of in the next five years.”
How can CPA help?
If you sell on credit you need to be aware that the business and individuals buying from you could be carrying more debt and therefore be a higher risk.
At the Credit Protection Association, we provide first class credit information that can help you avoid being over extended to customers who are at risk.
We regularly publish lists of the latest insolvencies but by then it is too late. Our credit reports predict approximately 96% of company insolvencies long before they arrive.
With more debt, they are going to be more and more people trying to get hold of the finite funds your customers hold. If you want to get paid then you are going to need strategies to move you to the top of the list.
As a third party, we can get you to the top of the list. When you customer receives a letter from the Credit Protection Association regarding their outstanding account, they are going to want to get that resolved as a priority. Our overdue account recovery service can get your unpaid invoices to the top of their “to do” list and get your invoice paid.
Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper, while our new Late Payment Compensation department could unlock hidden potential and offer the compensation needed to springboard your business to success.
Ready to speak to an advisor?
For help or advice on credit management, entirely without obligation.
Call us today
0330 053 9263
The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!
Keep up to date with the latest news by following us on social media:-
How to overcome 25 of the most common excuses for non-payment
Discover how to improve your cashflow in 3 steps.
Read our blog – Debt collection agency
Read our Cash Flow Advice
Read about our overdue account recovery service
Read our blog – What is credit management?
Read our blog -What is a credit management company?
Read our blog -Credit Management that works!
Read our blog – How to select a debt collection agency
click to see read about our successes