Many businesses will have money in one bank and debts in another. But with savings rates spiralling downwards, whilst interest rates are often doing the opposite, it can suddenly seem like a false economy and one which has found many businesses losing out.
Everything about the way businesses run has been slowly evolving and shifting in the wake of the shifting economy. And part of that change has been seen in the way that companies are dealing with their debts. This year, over a third of middle rank companies withdrew money from deposit accounts to pay off such debts, amounting a colossal £2.34 billion.
So as the banks are offering such measly returns on savings, it may well end up that it is them losing out as customers continue to change the focus of how they run their businesses financially.
However, this is not always the answer. And for those companies who see themselves heading towards the black abyss of business debt, there may be other ways around it. More and more companies are enlisting the help of companies offering business debt services. Using every penny you have to pay off some of the business debt and leaving yourself with nothing to pay for anything else can leave you in a much worse situation than before, so it is wise to understand all your options before you simply withdraw all that cash.
Using these business debt services, you can easily find out all your options straight away and understand much more easily the best way to deal with any debts you are accruing.
It is worth remembering that no creditors want a business to fail as they will walk away with nothing, so there is a good chance that whatever situation you find yourself in, you will be able to call at least some of the shots and find that however black things can look, there is usually a way