Consumers ‘slowly navigating’ out of debt

Consumers and businesses are “slowly navigating” their way out of debt, with new figures showing a marked reduction in debt judgments being registered in the courts and an increasing willingness to negotiate with and pay creditors.

The data, compiled and published by business and credit risk analyst Vision-net, shows that the volume of debt judgments against Irish consumers and companies are down by nearly 40% this year compared to 2010, — the high point for both the recession and judgments.

The value of judgements has fallen by 63% over the same timeframe. The largest number of judgments were, unsurprisingly, awarded in favour of Revenue in both years.