Debt problems if snow closes firms

Personal debt problems could be mounting up for many Brits as the freezing weather conditions could force up to 1,000 employers to go bankrupt.

A new study from the Centre for Economics and Business Research (cebr) finds the current economic climate could mean more firms go bust as delayed payments and reduced cashflow lead to problems.

The Centre says "These are likely to be in the retail, leisure and construction sectors, and in Scotland and the North East of England, which have been most affected by the snow and transport disruption."

This could mean severe debt problems as people in these sectors face losing their jobs.

Kevin Still of Atlantic Financial Management, says: "The current weather conditions can have a severe financial impact on both small businesses in the UK and their employees, who may lose income as a result.

"Loss of income allied to high heating costs and over spending at Christmas can create the risk of debt problems and debt advice may be required if the household budget doesn't stack up."

Debt problems – next generation

17/03/2011

Parents across the UK currently dealing with debt problems may be seeking debt help regarding their ...

Debt problems - life events

21/02/2011

It appears debt problems could well be made worse by Brits underestimating the cost of life's big ev ...

Brits get frugal over debt problems

11/01/2011

The average Brit is looking to avoid debt problems this year by making cuts to their lifestyles, in ...

Middle aged face debt problems

14/12/2010

People in their middle ages could soon be facing severe debt problems as it appears many of them are ...