Why Debt Management is Lagging Behind Online

“Online budgeting tools have significant potential for growth. Just over half of the internet population show an interest in using this type of service in the future. Under-45s and higher earners are much more likely than average to see the appeal of tools that help them to keep track of their finances.”

– Deborah Osguthorpe, Head of UK Financial Services Research Mintel

So why don't any of the major debt management brands even a mobile responsive website? Let alone an App.

Do a search for debt management on Google - all you see is a load of companies with "debt" in their name - they are faceless - they want you to fill out a form - they they will call you back and manage your accounts over the phone.

Being in debt is a scary thing and most people do not want to face up to it, and they defiantly don't want a long phone conversation with a salesman. They want to sort it discretely under the radar. in private.

The opportunity to disrupt the debt management market is staring business in the face - so why are they doing it?

Technology & investment - it is a tough market and margins are tight. Spend tens of thousands of pounds on a unproven market is scary - but it needs to happen, Technology and peoples expectations are pushing investment across all financial services verticals and very soon someone will do this and potentially dominate the market with a stand out product that is simple discrete and most dangerously free (Step Change).

A Simple Free App with some back up could decimate the debt management market.