Relieve Your Debts!

Business owners are increasingly taking on personal debt problems in order to keep their companies viable, according to new figures.

The Centre for Economic and Business Research (CEBR) conducted a survey recently in which 47 per cent of respondents admitted that they were forced to use their own cash to keep themselves in business this year.

Other results of the survey were just as worrying, as:

• More than 25 per cent of business owners said they had taken on credit card debt or made use of personal overdrafts in order to help their companies stay afloat
• 22 per cent relied on loans from banks or building societies
• 27 per cent were forced to ask their friends and family for debt help or other financial support
• 13 per cent took the drastic step of remortgaginwg their homes

Researchers also found that the average amount raised by any of the above means was £20,400, and that nearly 90 per cent of small business owners think that the UK is an unbearably expensive place to do business.

The price comparison service Make It Cheaper commissioned the research, and the company’s managing director Jonathan Elliot commented on the findings. He

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