Accountants are plunging further into debt

According to the support group, the Chartered Accountants Benevolent Association, accountants are racking up their debts despite the current economic situation.

CABA is the support group for members of the Institute of Chartered Accountants in England and Wales and it says that every accountant has about 24 unsecured creditors including HMRC and credit card companies.

Helena Coxshall, CABA’s head of operations, thinks accountants are masters at hiding the real state of their financial affairs and they often grossly overspend on their credit cards.

She said that a lot of contractor accountants are in denial about the state of their financial problems when they first approach CABA. They refuse to admit how much they owe, but when they become faced by aggressive debtors, they realise they are in trouble and turn to CABA for advice.

Ms Coxshall went on to offer a sensible piece of advice to all chartered accountants who find themselves in financial difficulty and that is to ask for help sooner rather than later.

Some of the accountants who are burdened down with debt are those who have a small practice that has suffered due to the recession. Older members of the profession are also suffering because they have not made adequate provisions for their retirement,

However, CABA also sees cases where well-paid accountants are living well beyond their means just to project a particular kind of lifestyle.

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