Personal Debt Rising in Scotland
New research undertaken by StepChange Debt Charity has revealed that personal debt levels are rising across the United Kingdom. The average debt in Scotland has increased by £421 per person in just one year - from £12,256 in 2015 to £12,677 in 2016.
One of the main reasons for the debt rise in Scotland was wage stagnation and increased living costs. According to Step Change Debt Charity, between 2012 and 2016 the average wage in Scotland has grown by 8%. However, the essential living costs have risen at a higher rate leaving less disposable income than 5 years ago.
What are the main reasons for debt in Scotland?
The study by the StepChange Debt Charity has demonstrated that an increased number of people in Scotland are behind with their household bills. The average arrears in relation to rent, council tax and utility bills has increased by approximately 30% between 2012 and 2016.
One of the biggest debt issues for Scottish households is council tax arrears. Statistics show that in 2012 27% of Scots were in arrears, but this figure increased to 40% in 2016. The average arrears were £1,338 in 2012 and £1,731 in 2016, an overall increase of 29%.
Do your debts outweigh your assets?
Debt is difficult to discuss. However, it can become a more serious issue if you are not proactive in dealing with it and this can lead to stress and emotional strain. The best thing to do is talk through your problems with someone who is able to help, someone who won’t judge you and who can provide advice to assist with the issues at hand.
Our team of professional insolvency advisers have been advising people all over Scotland for more than 30 years. During that time, we have been helping to solve money problems and arranging for solutions which mean that people pay back only what they can afford. We offer free and confidential debt help and don’t charge any set up fees. Our aim is to give you a comprehensive debt advice and to help you make an informed decision which will lead to a future without debt.
Simply contact us or request a call back if you require our assistance.