- by M on 20/08/2024
The number of consumer judgements in H1 2024 has seen a significant increase, when compared to the same period in 2023, 56% up.
The value of these judgements also rose, from 27.6m in H1 2023, to 182m 2024: a staggering 559.8% increase. This meteoric rise has been calculated by data collected by CRIFVision-net, and shows that larger value judgements are being taken against consumers, perhaps indicating that COVID-19's impacts are still felt to this day by businesses and consumers alike.
Now more than ever, the importance of due diligence is emphasized, as everyone feels the heat in a growing, pressurized economy. With mounting financial pressure, legal action is becoming a more common tool for debt recovery, and it is no wonder why as prices are only just slowing down on increase across Ireland.
Christine Cullen, Managing Director of Vison-net relays that "key contributing factors include the increased cost of living, inflationary pressures, and higher interest rates, all of which has put pressure on the ability of both corporates and consumers to meet their financial commitments.".
These figures bring forth the importance of due diligence and rigorous credit checking, during all phases of a business' lifecycle.
In the past month alone, CRIFVision-net has tracked that 70 Consumer Judgements have been registered.
Recouping bad debts is one of many ways to protect your business and operations, and as the economy in Ireland continues to grow, it can mean many things when we witness an increase in Consumer Judgements.
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