The debts of Chartered Accountants are on the increase, so says the Chartered Accountants’ Benevolent Association (CABA).
Every accountant presently has approximately 24 unsecured creditors which include the tax man and credit card companies.
CABA head, Helena Coxshall, considers accountants are great at not disclosing their real debt level and usually work up massive credit card bills.
The majority of accountants who approach CABA are in denial as to the amount they owe; nonetheless they are aware that they have financial problems.
There are debt ridden accountants who have small practices; their businesses are is suffering due to the recession and there are lots of older accountants who have inadequate pension provisions.
They seek the help of CABA when they reach the point that they are facing more aggressive debtors.
The key piece of advice CABA provides is to get help early.