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Self-employed debts rise

09.05.13

According to a study conducted by debt advice charity StepChange, self-employed professionals are much more likely to accumulate large debts than employees.

In 2012, 16,118 self-employed workers used the services of StepChange with average debts of £27,739. The average employee had accumulated a significantly lower average of £19,445.

Being a fully self-employed contractor has many benefits including flexibility, the ability to offset work related expenses against your gross income and lower National Insurance payments.

Contractors using their own limited company are much more liable to generate debts which could potentially spiral out of control. By joining Consort, you don't have to worry about running your own company as that responsibility is left to us.

The only responsibilities left to you is to keep track of your expenses and put enough money to one side to pay your taxes at the end of the financial year – the rest is left to us! Click here to register.

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