- Monday, 10 May 2010Self-employed consumers should try not to mix their business and personal finances to avoid the need for a
debt management plan, suggests one expert.
A spokesperson from the Consumer Credit Counselling Service (CCCS) stated that self-employed people can easily get their finances confused, borrow too much and discover they need
debt management.
Due to the recession, more people are deciding to become self-employed, but the need for
debt management can be avoided by controlling and separating business and personal finance.
The spokesperson said: "Some may take out loans and credit cards to support their businesses during tough times, or use the same bank account for both business transactions and their personal day to day spending."
He added that it is easy to make this mistake and noted how financial problems can merge together. If this happens the consumer should get help straightaway.
Kensington Mortgages revealed on May 5th that there are five million self-employed people in the UK, with a quarter of those only being so for less than two years.
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