The amount of money being chased by debt collectors in the UK looks set to increase considerably next year, according to the Credit Services Association (CSA).
It is anticipated that British debt collectors will be aiming to retrieve between £23.9 billion and £24.3 billion before the end of next year and there is potential for this figure to rise.
Millions of UK consumers are dealing with debt management difficulties and the debt collection industry is expecting an increasing amount of business over the course of the next few years, the CSA reports.
“Over-indebtedness will be accelerated by more fixed-rate mortgages becoming variable at higher rates and access to new credit becoming harder,” a statement from the CSA read.
“Consumers are tightening their belts against the background of a credit squeeze and access to credit is becoming increasingly difficult as lenders tighten their lending scorecards.”
A study carried out for Fool.co.uk recently concluded that millions of people in the UK consider talking about debt management issues to be impolite.