Financial Strain Among Employed Debtors
Growing Debts Despite Employment: The StepChange report, "In work but still in debt," reveals that 21% of their clients in full-time employment cannot cover their expenses even after receiving debt advice. This rising trend indicates a significant challenge within the financial services sector to address the needs of working individuals who are still financially vulnerable. This is crucial for credit management professionals to understand, as it affects the sustainability of debt solutions and client retention strategies. StepChange Report
Advancements in Payment Flexibility
Commercial Variable Recurring Payments (VRPs): UK Finance has released a report to facilitate commercial VRPs, which could revolutionize the way debt management firms handle creditor distributions. This development is significant for those in financial services and credit management because it offers a more flexible payment infrastructure, potentially reducing defau...
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