23 Dec Interest Rates to rise, what could that mean for business debt.
Interest rates are on the rise in the UK. What could that mean for UK businesses and for commercial debts?
The Bank of England has raised interest rates in the UK, for the first time in three years, to 0.25% in an attempt to stem the upward flow of inflation. Inflation rates are higher than they have been in a decade and there is a worry that they will continue to rise.
While the bounce back loans provided by the Government thankfully have a fixed rate of interest, other loans and borrowing will be more expensive with higher interest rates.
It is therefore even more imperative to ensure that your cashflow is liquid and you reclaim any monies owing to you. Outstanding commercial debts can be crippling to small businesses so make sure you chase those overdue invoices and if the debtor won’t pay get in touch with us to help you, please call: 01392 498686 or email: firstname.lastname@example.org or Submit your debt here. We are based in Exeter and Torbay for our free business debt collection but operate throughout the UK.