NEUSS (dpa-AFX) – The payment behavior of companies in Germany has deteriorated as a result of inflation, economic downturn and cost pressure. In the first half of 2023, the delay in payment by customers of suppliers and lenders increased to an average of 10.77 days, according to a study by the credit agency Creditreform on Tuesday. In the first half of the previous year, the value was 10.51 days.
“The past few months have been a stress test for many companies. Lenders, customers and business partners are also feeling the effects of increased bad debts,” said the head of Creditreform economic research, Patrik-Ludwig Hantzsch. The recession and interest rate turnaround weighed on companies from a number of perspectives. “Business is getting worse, but at the same time the costs are increasing,” said Hantzsch.
The collection period, which consists of the agreed payment target plus the payment delay, increased slightly to 40.70 days (2022: 40.31 days). Many lenders have recently opted for short payment terms in order to minimize the risk of default. On average, customers were granted a payment period of 29.93 days. In the same period last year it was 29.80 days. At the beginning of the corona pandemic, significantly longer payment terms of around 32 days were common.
Deteriorating economic conditions prompted suppliers and lenders to reassess risks, Hantzsch said. For the rest of the year, increased payment defaults and subsequent insolvencies are to be expected. The economy will probably only recover in the coming year./lfo/DP/stw
2023-08-01 18:11:01
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