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Rising Inflation Threatens to Sweep More Scots into Debt

  • Sharon McDougall -
  • 19th May 2022 -
  • 2 minutes to read

Unusually high rates of inflation are threatening to sweep many more Scots into problem debt situations and serious financial difficulties.

That’s according to the charity Citizens Advice Scotland (CAS), which is growing increasingly concerned about the cost of living crisis that’s now impacting millions of people across the UK.

The latest official figures on inflation show that prices grew at a rate of 9 per cent in April this year, which represents a high not seen in 40 years.

For consumers and households, those increases mean that their incomes are being squeezed more and more with each week that passes.

While many people will be able to tighten their belts and find ways to cope financially, many others will fall behind with their essential bills and struggle to keep pace with their debt repayment demands.

Myles Fitt from CAS has said the cost of living crisis is “squeezing household budgets to breaking point across the country”.

“Prices are going up as wages and incomes are stagnant or falling, so people are faced with a perfect storm that risks sweeping tens of thousands of households across Scotland into poverty, debt and destitution,” he said.

CAS has called for government policymakers to take action to provide support and help to people who find themselves in a state of financial crisis as the cost of living continues to increase.

And for anyone struggling with problem debts in Scotland, the advice from the charity is to reach out for expert guidance on the potential solutions that are available.   

Among the consequences of the cost of living crisis that Citizens Advice has seen in recent months is a growing anxiety around housing costs.

According to CAS, concerns about the potential for landlords to increase rents are now roughly eight times more prevalent than they were prior to the start of the pandemic in 2020.

Demand for help with energy bills and the associated debts is also now significantly higher than was the case before the pandemic.

If you live anywhere in Scotland and you are worried about your debt problems then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.

Sharon McDougall
Sharon McDougall
Manager
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