9 March 2020
Official statistics show that the UK has a serious issue with debt; the total household debt was £1.28 trillion from April 2016 to March 2018 and this has been on the rise since 2014.
Our latest report Negative numbers: an analysis of debt-related Google search trends 2015-2019 looks to explore the problem from a different perspective, by looking into the terms people are searching for when they’re in debt and how they’re trying to help themselves get out of financial difficulty.
What our research shows is that there has been an upward trend in many core debt-related keywords such as debt help, debt advice, individual voluntary arrangement (IVA), bankruptcy and debt relief order (DRO), as well as huge spikes in the number of people searching for debt helpline, Citizens Advice and StepChange (a national debt charity).
We know that personal money troubles and business debt can be intertwined – if customers are late to pay, or fail to pay, it can have a severe effect on a company’s cash flow.
The aim of this report is to encourage people and businesses to talk openly about debt and, in a world where the conversation around mental health is ever prevalent, we want to provide companies with the means to support their customers by making their debt collection process as easy and as fair as possible.
Though this report offers advice to businesses, it only scratches the surface when it comes to understanding the recovery solutions on offer. For more information and further insights into the current debt landscape, visit our small debt recovery and commercial debt recovery pages or contact our team on 0345 356 5758 to see how we can help you collect payments in a cost-effective and equitable way.
Download the Esendex Debt Report