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Debt advice could help over-50s unable to start businesses

Debt advice could help over-50s unable to start businesses

- Tuesday, 18 August 2009

The Trades Union Congress (TUC) last week highlighted the plethora of dangers facing unemployed people over the age of 50.

According to the TUC, more than half of all jobless over-50s have been out of work for more than a year and are, in many cases, being forced into retirement.

Laurie South, chief executive of not-for-profit business start-up company PRIME, suggests that those who remain unemployed should consider starting up a business of their own.

He said: "You are unlikely to get back into the labour market if you are out of work for six months after being redundant. You stand a one in ten chance, so what we do is help people start their own business. It's a much better solution."

However, starting up a business will not be feasible for everyone and with each year of unemployment decreasing prospective employment opportunities by 24.3 per cent, people could very quickly find themselves in financial trouble.

Professional debt advice could help those who remain unemployed and unable to pursue new business ventures.
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