SME Owners Have Bigger Debts!

I have been reading in The Independent that the Consumer Credit Counselling Service (CCCS) has found that small business owners have more debt than the average person. The research has found that the average personal debt of an SME owner is £30,514 compared with the average of £20,023 owed by the CCCS’s clients.

Also, the level of arrears for council tax and utility bills among small business owners is 10% and 20% higher than the norm. Una Farrell of the CCCS said the majority of small business debt is held in short-term credit cards and personal loans, “perhaps because they can be raised a little easier than standard business loans.”

More Information

MGBA

martin.parry@mgba.co.uk

 

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