6 million people in the UK are dependent upon self-employment income. There are so many entrepreneurs in Britain that banks have special loan programs just to accommodate house mortgages for this group. Yet this same group of hardworking individuals falls under fire fastest during tight financial times. How does one whose income is part of the massive UK underground economy find their way through the current global recession? One way is through creative use of short-term credit. Many small business people turn a profit in their business on a seasonal basis. Often it is a case of feast or famine. Banks are not likely to loan large sums of money unsecured to business people who shelter income wisely within the structure of their shops. Furthermore proof of income is not always readily available.
A clever solution is the use of 0 balance transfers and no interest credit cards. If ones business is seasonal but overall shows strength applying for a no interest credit card could be a lifesaver. These cards charge no interest for up to 16 months. Mind you there is still a minimum payment to be made each month but that can be figured into ones monthly budget. For those already a bit in the red many cards will allow transfer of old debt to the new and still offer no interest for a set term. Often the point to consider is how to weather a financial storm.
