Dec
02
2010
Umbrella company news: 'Credit card debt a cultural norm'
Posted by Daniel Frost
Company umbrella contractors who have racked up credit card debt have been told that this is more of a cultural norm now.
Richard Sorsky, a money advice co-ordinator at the UK InsolvencyHelpline.co.uk, made this comment after research from MyVoucherCodes.co.uk revealed that 86 per cent of Brits believe they owe money somewhere, be it as a result of credit cards, overdrafts or loans.
Mr Sorsky noted: "If you don't have a credit card you are a bit ostracised in society - you can't book a flight [and] you can't go online."
He went on to recommend that those with umbrella companies will be given more protection against fraud or insolvency if they use a credit card instead of a debit card.
These types of payment methods do not come in ready-made forms through the post now either, in Mr Sorsky's opinion, with credit card companies wanting proof of earnings and bank statements before giving out a product.
Company umbrella contractors who have racked up credit card debt have been told that this is more of a cultural norm now.
Richard Sorsky, a money advice co-ordinator at the UK InsolvencyHelpline.co.uk, made this comment after research from MyVoucherCodes.co.uk revealed that 86 per cent of Brits believe they owe money somewhere, be it as a result of credit cards, overdrafts or loans.
Mr Sorsky noted: "If you don't have a credit card you are a bit ostracised in society - you can't book a flight [and] you can't go online."
He went on to recommend that those with umbrella companies will be given more protection against fraud or insolvency if they use a credit card instead of a debit card.
These types of payment methods do not come in ready-made forms through the post now either, in Mr Sorsky's opinion, with credit card companies wanting proof of earnings and bank statements before giving out a product.