REATORS
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REDIT
Current Finance Market Conditions
What are the current credit finance market conditions? Contrary to popular belief, debt is not the exception, it is the rule! Current un-secured lending has now topped £9 Billion last year in the UK alone, and this is only expected to rise in the future. Current mortgage lending in the UK has now topped £1 Trillion, and is also set to increase dramatically in the future, with there currently being a lack of homes available on the market for the ever increasing population level. Current credit card debt outstanding in the UK is fast approaching £70 Billion and is definitely set to increase. (Source of information taken from: Apacs, Economy.com and Thomson Datastream). The management of credit-debt has become much easier to handle with the introduction in 2004 of the Independent Voluntary Arrangement system. Even the rules for bankruptcy have changed and have become more relaxed in recent times, this being due to the ever increasing levels of personal borrowing and debt. It is now possible for a personal bankrupt to be clear and discharged of obligation and liability following their bankruptcy after just 12 months Most recently the number of small business start-ups in the UK has been growing rapidly. More than half a million are now set up each year, with currently over four million alone established in the UK employing around 58% of the private sector workforce. According to the Federation of Small Businesses (FSB), setting up a business is a much more straightforward process for companies in the UK than in most other countries. You may have heard it reported in the news recently that students are also ever increasingly likely to finish their studies with an average debt of between £14,000 and £20,000. This is just one area of increasing debt management. In a recent quote from the Home Learning College prospectus for 20052006 it states: “Small businesses have an average turnover of £290,350 per year”. Furthermore, in the Small Business Skills course details they state: “Small businesses are the engine room’ of the UK economy, comprising of some 96.7% of all companies”. However, not to be complacent, keeping a new business going can sometimes be tough, with around 300,000 of them going bust in the first three years. With most small businesses failing because of cash-flow problems (source: New Statesman supplement, 24/07/06). Therefore, we at Credit Creators strongly believe it is of paramount importance to take these failures into account when being objective and looking to plan finance for any new or existing business. That’s just one good reason for you to seek our professional guidance and advice.
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