Average Household Debt in Scotland ‘Up 65% Since 2008’

  • John Baird -
  • 26th February 2016 -
  • 2 minutes to read

The average amount of debt held by individual households across Scotland has increased by as much as 65 per cent since 2008, according to a new report looking at the state of the nation’s financial wellbeing over the past decade.

In 2008, the debt level of a typical Scottish household apparently stood at £2,200 but had risen to a level of £4,000 per household by the early weeks of 2016.

The research and report were compiled by the Scotland Institute, with its other findings suggesting that every income group in Scotland saw a decline in their real incomes between 2008 and 2012.

Families with children apparently saw the sharpest fall in the value of their incomes during that period, with those who were already deemed poor also those who saw the most significant rise in the percentage of their outgoings that went towards essential costs of living.

According to the Scotland Institute’s figures, while there has been something of a recovery for Scottish households in terms of their annual income levels since 2012, this change in real terms has been “marginal” and has “failed to keep pace with inflation”.

“Not surprisingly this prolonged squeeze on household incomes has been matched by a steady build up of household debt,” the report said.

“In 2006, median household debt in Scotland was £2,200, even in 2010 it was only £2,300 but in 2012 it reached £3,500.”

As many as 52 per cent of the people polled across Scotland for the report said that they consider their personal debts to be a burden.

The Scotland Institute’s report also suggests that much of the debt burdens that Scottish households currently carry relates to “the regular costs of living” and not so much to the costs associated with housing as is more commonly the case in other parts of the UK.

“As with the rest of the UK, Scottish households have become more burdened with debt as a result of falling real wages,” the report said.

“For many in Scotland, debt has become normal, being used not just for long term purchases but also to offset short term income fluctuations.”

If you are struggling to retain control of your personal or household debts then there are solutions available that can help you. Call Scotland Debt Solutions directly to find out more.

John Baird
John Baird
Partner
About

Why Choose Us

5 Offices in Scotland
5 Offices in Scotland
National Coverage
Ask us About
Ask us About
We Do Home Visits
Helping Scots Get
Helping Scots Get
Out of Debt Since 1989
We offer a
We offer a
Free Initial Consultation
We'll Help You
We'll Help You
Lower Monthly Payments
You'll Get
You'll Get
Peace of Mind

We'll give you a call

Our Scottish based team can help advise you on your debt problems.

When should we call?
Can we leave a message?
Here at Scotland Debt Solutions we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See our Privacy Policy.
Tools

Useful tools

Personalised Debt Report

Personalised Debt Report

Our personalised debt report will help you better understand your financial position and see where your money is going.

Free Scheduled Call

Free Scheduled Call

 Arrange a call with an expert advisor at a time to suit you.

Find a Local Office

Find a Local Office

We have five offices located across Scotland. Find your nearest one here.

Close Menu Share with a Friend

Send this page to a friend

via Whatsapp via Messenger via Messenger via Email
Make sure you have WhatsApp installed.

Copy link to clipboard
Close