According to an article published by the Money Advice Service, there are now 8.3 million people with problem debts living in the UK. Over 50% of these people feel they are just juggling their money and will never break free from the debts looming over them.
Problem debt in the UK and Scotland
Research has shown that people living with debts may suffer a range of mental health problems, including depression, stress and anxiety. A number of people in debt feel sad, overburdened and often embarrassed to talk about their money problems. Due to these feelings many people with problem debts often seek professional help only as a last resort. There are a variety of organisations that can help when you have problems with debts which are causing illnesses. These include the Samaritans and MIND, and you can also seek help on the NHS website.
Here, in Scotland, the number of people seeking help to solve debt problems has risen by nearly 50% in the past four years. The charity StepChange has warned that financial problems are becoming "entrenched in day-to-day living" for many Scots. StepChange were contacted by 19,132 Scottish people in the past year asking for help with money problems, which is a rise of 47% on the numbers for 2013. Across the UK a total of 620,000 people sought help for financial problems.
StepChange have highlighted that an average unsecured debt for Scottish people for the year 2017 was around £12,488. This figure has actually dropped by 1.5% on the total for 2016, but it's higher than the totals for 2014 and 2015. The increase is understood to be due to higher levels of access to credit, slow wage growth and inflation.
The research have also showed that people in Scotland had almost 10% more debts than the average for the UK, when compared to their monthly income.
Help with problem debt
Debt causes worry and stress for millions of people. Anybody having money problems may find their anxiety levels spiral as creditors become more pushy about contacting them. If you have been feeling depressed or exhausted by your debt problems know that help is always available regardless how desperate your situation might seem. If you have debts of over £6,000, and you are struggling to repay them, contact our team for FREE and confidential insolvency advice on 0800 652 0002.
FD Debt Solutions provide free insolvency advice to Scottish people who are having serious debt problems and may be considering debt relief options like personal bankruptcy or Trust Deed arrangement. Get in touch with us to learn about the ways our confidential and sensitive service can help you move into the future and live your life free of debts.