Incomes of self-employed fall
Aug 07 2009
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Self-employed people in debt have seen their incomes drop by nearly ten per cent since last year.
According to figures from debt management company ClearDebt, the average income of this group has fallen from £36,000 in 2008 to £32,000 in 2009, while they typically owe more than £40,000.
Andrew Smith, a director of ClearDebt, says: ‘Small entrepreneurs may be keeping their businesses financed through expensive credit card borrowing and personal unsecured loans, while seeing their ability to repay plunge. This could be a major accident waiting to happen.’
According to a survey by the British Retail Consortium, cash-strapped small business retailers are still being denied finance, with a third saying lending has decreased over the last three months.
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