Small companies in the UK are increasingly looking to access credit cards in an attempt to stay afloat, according to the Bank of England quarterly credit survey. Small business credit card demand has reportedly soared in the past year, even as demand for other forms of unsecured lending has slumped.
The quarterly survey by the bank occurs every year, and with property worth less secured lending has also fallen. The price of unsecured loans has soared this year, meaning credit cards may be a last recourse for many firms.
Cash flow problems are occurring for many companies hit by the credit crunch, and a business credit card can seem like the solution in this situation. However, this type of borrowing is more expensive than other forms.
Growing credit card demand from small companies
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Growing credit card demand from small companies
Thu, 03 Jul 2008
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