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Debt Collection News Roundup – October, 2016

Here at Access Credit Management we like to make sure our readers are up to speed with what’s going on in the industry so once a month we publish a News Roundup.  We check out all the latest news and important goings on within the sector so that you have a resource that keeps you fully informed at all times.

Firstly, there’s some pretty serious news for all business owners.  The International Monetary Fund (IMF) is warning of risks to the global economy as debt hits a record $152 trillion!  It’s been a full eight years since a huge number of bad loans caused a financial meltdown that almost crippled the global economy, leading to an unprecedented financial crisis which has affected us all.  Now the IMF is warning that with total global debt hitting new record levels (the amount is equivalent to 2.25 times the size of the world economy and rising), this could lead to a private deleveraging process that could impede the fragile recovery that the global economy has been enjoying.  These high levels of debt are part of the reason that governments around the world have been reluctant to stimulate stagnating economies by borrowing more money.  The IMF stated last week that the world is now in a “vicious feedback loop) in which economies are not growing fast enough to pay off their current debts and the rising debt pile is slowing down the recover because there’s less money available to invest.

Meanwhile, the BBC has reported on the new degree apprenticeships available which were introduced by the government last year.  Most of these apprenticeships are in areas like technology and engineering and are a great option for students who want to get a degree without the debt.  There are no tuition fees to pay as these are paid by the government and the employer and the student works for the employer whilst studying and gaining a degree.  Not only does the student achieve a degree without going into debt, but he or she will also benefit from the experience and the opportunity to put into practice what they’re actually studying, reinforcing the learning process.

The Guardian has reported on the “Land that Debt Forgot” – Niue, a tiny atoll in the Pacific that’s home to fewer than 2,000 people.  Niue is one of the smallest countries on the planet and it recently declared itself debt-free, no mean feat in the times of economic uncertainty.  The country now plans to spend the money it’s saved from servicing borrowing on higher pensions and offering incentives to its ex-pats in a bid to lure them back home.  The Premier of Niue has said that the country has no interest in borrowing again after clearing debts of $4 million but instead will try “live within our means, using the island’s natural resources such as tourism, bananas and exporting water”.

We leave you with the story of a Cheshire girl who found out that her boyfriend, Dan, cheated on her.  She owes him money for some Justin Bieber tickets and has set up a payment plan with her bank to pay him back the £80 at a rate of just 1p per day with the reference “Cheating ****” which will appear on his bank statements daily.