The Scottish capital is facing the prospect of seeing something like a “tidal wave of personal debt” in the coming months.
That’s according to the boss of an organisation called the Capital Credit Union, who is advising anyone in Scotland struggling with debt to seek support at the earliest opportunity.
The organisation’s chief executive Marlene Shiels has told the Edinburgh Evening News that the Covid crisis has resulted in a sharp increase in the number of people needing help in dealing with their financial issues.
Capital Credit Union recently launched an online tool explaining what benefits people might be entitled to and found evidence of strong interest in that issue from across Scotland within a matter of hours. It is feared that in Edinburgh and elsewhere across the country a growing number of households are finding themselves seriously hard pressed financially.
For some people that has meant needing to claim benefits for the first time while for others it has meant struggling to cover the costs of basic essentials and falling deeper into debt.
“There is no doubt the coronavirus crisis has raised deep financial concerns for many of our members,” Ms Shiels is quoted as saying.
“Lots of people who would not normally feel financially vulnerable, or indeed claim benefits at all, are in a difficult and uncertain position. My fear is that we will see a tidal wave of personal debt in the coming months and people must access whatever support is available to them.”
Citizens Advice Scotland (CAS) recently revealed that it had dispensed almost 1 million pieces of advice over the course of the year 2020/21, with a sharp rise in demand having been seen for those services over the course of the pandemic.
Apart from benefits, personal debt problems topped the list of most discussed issues being brought to the attention of CAS advisers. The charity said that around 10 per cent of all the advice that its teams dispensed last year related directly to personal debt.
If you live anywhere in Scotland and you are finding it increasingly difficult to cope with your personal debts then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.
Unusually high rates of inflation are threatening to sweep many more Scots into problem debt situations and serious financial difficulties.
People with debt problems in Scotland are being urged not to struggle with their issues alone and to reach out for help and support if they need it.
Our Scottish based team can help advise you on your debt problems.