Research by the Consumer Credit Counselling Service (CCCS) exclusively for The Independent shows that the average personal debt of a small business owner or self-employed person stands at £30,514, compared to an average for the debt charity’s clients of just £20,023.
The majority of this debt is in the form of high-charging short-term credit cards and personal loans. “We are finding that with the economic difficulties the self-employed and small business owners are plugging the gaps in their personal and business finances with these short-term credit card and loan debt, perhaps because they can be raised a little easier than standard business loans,” said Una Farrell, head of communications at the CCCS.
Photo by AMagill
|A Day in the Life of a Mortician|
|50 Years, 50 Toys|
|Chicago Shuts Down Innovative Business|
|They Harvest Christmas Trees By Helicopter?|
|UnBrella: Turning the Umbrella Upside Down|
|How to Embed Your Online Store Directly Inside Your Viral Videos|
|100 People you Should Follow on Twitter in 2014|
|How the heck does the stock exchange work, anyway?|
|This Video Will Make You Wish You Were an Entrepreneur in the 1980s|
|The Chinese Train That Never Stops|