The Harsh Reality of Tough Times for Small Businesses

💰Sales are declining and bills are not being paid, indicating financial difficulties for small businesses.

📉Business failures are increasing, with a 60% rise in company liquidations in the retail sector.

📅Almost half a million missed payments in January, indicating financial stress among consumers.

💸Young demographics are facing the brunt of the tough times, with personal loans and missed payments on the rise.

🏦Rising mortgage rates are putting additional strain on small businesses, particularly those relying on home loans.

What are the challenges faced by small businesses during tough times?

—Small businesses face declining sales, unpaid bills, and increased business failures.

Who is most affected by the tough times?

—Young demographics, specifically those under 35 years old, are most impacted by the tough economic conditions.

Are personal loans and missed payments increasing?

—Yes, personal loans and missed payments have seen a surge, indicating financial difficulties among consumers.

Why are small businesses struggling?

—Small businesses are struggling due to a lack of cash inflow, which has been exacerbated by rising mortgage rates.

Are mortgage payments and company liquidations increasing?

—Yes, mortgage payments and company liquidations have seen an increase, adding to the challenges faced by small businesses.

00:00An avalanche of data confirms the harsh reality of tough times for small businesses.

01:43Almost half a million missed payments in January, showing financial stress among consumers.

02:00Personal loans and missed payments have surged, particularly among young demographics.

02:24Rising mortgage rates are hitting small businesses hard, especially those relying on home loans.

02:40Despite the challenges, small businesses are determined to keep going until the economy improves.