January Blues or Debtors Ruse?

We are in the full flow of January and we are noticing a lot of debtors facing their own personal ongoing financial challenges. 

With the average total debt per household at a steep £60k we wonder what 2022 holds for individuals who are required to pay their debts. 

Whilst with company debts there is much less flexibility required in demands for payments we always need to allow individuals reasonable time and allowances for repaying their debts, but this is a fine balance to be struck .

Let’s hope January is not as blue as predicted……

Snapshot of UK debt statistics 2021 476,000 18-24 year olds were unemployed in the first quarter of 2021 8.6% increase in the average first time buyer house price Private rental prices increased by 1.3% Average credit card debt per household stood at £1,962 Total unsecured debt stands at £3,724 per adult Average total debt per UK household is £60,935 The UK population owed £1.698.4 billion at the end of February, which is an increase of £15.1 billion or an extra £286 per adult The average total debt per adult is £32,053 On average, a UK household spends £4.20 per day on water, electricity and gas 290 people per day were declared insolvent or made bankrupt in England and Wales during the first quarter of 2021 which amounts to one person every 5 minutes 2,267 people per day wer...

https://www.uk-debtservice.co.uk/news/uk-debt-statistics-2021/