Jan
05
2011
Young umbrella company contractors 'will struggle with debt'
Posted by Sarah Putt
Company umbrella contractors will find it harder to clear their debts in the next couple of years, according to one expert.
Nick Bamford, chief executive of Informed Choice, has told those with umbrella companies that "debt is a drag" even when society is experiencing a low interest rate.
He acknowledged the younger generation as possibly being in one of the toughest situations, as they are coming out of higher education with a large amount of debt in some cases.
This can lead to company umbrella contractors in this age range having problems when trying to get onto the property ladder for the first time, with debt being the metaphorical brick wall between them and a deposit.
Mr Bamford explained: "There is a finite resource of money available to each individual and he or she needs to determine how they are going to spend that money."
Recently, First Direct found that 53 per cent of UK adults considered not paying off their debts quicker as their greatest regret of last year.
Company umbrella contractors will find it harder to clear their debts in the next couple of years, according to one expert.
Nick Bamford, chief executive of Informed Choice, has told those with umbrella companies that "debt is a drag" even when society is experiencing a low interest rate.
He acknowledged the younger generation as possibly being in one of the toughest situations, as they are coming out of higher education with a large amount of debt in some cases.
This can lead to company umbrella contractors in this age range having problems when trying to get onto the property ladder for the first time, with debt being the metaphorical brick wall between them and a deposit.
Mr Bamford explained: "There is a finite resource of money available to each individual and he or she needs to determine how they are going to spend that money."
Recently, First Direct found that 53 per cent of UK adults considered not paying off their debts quicker as their greatest regret of last year.