Sharon McDougall - 23rd November 2022 - 2 minutes to read
A growing number of people across Scotland are being trapped by their debts and finding it increasingly tough to pay off what amounts they owe to their creditors.
Research carried out by Citizens Advice Scotland (CAS) suggests that the cost of living crisis and rising inflation are piling financial pressure on to people in debt.
Specifically, the charity has reported that the number of Scots with a negative disposable income is on the rise, meaning that a growing number of people don’t have enough money to pay down their debts.
Indeed, the latest CAS research highlights the point that more and more Scots are barely able to cover their most essential outgoings each month.
Meanwhile, among those people who can cover their outgoings but are nonetheless struggling to pay down their debts, the rising cost of living is having a big impact.
In essence, rising costs mean more Scots are becoming unbale to pay off their debts, while many others are finding that it will take them longer than they’d planned to make their repayments.
According to the CAS’ research, households with children are particularly feeling the impacts of rising costs in relation to their debts, while single parents are the worst affected demographic throughout Scotland.
Worryingly, the charity has said that its most recently published data was gathered prior to huge spikes in energy bills, which are known to have made life more difficult for a huge number of Scottish households over the course of 2022.
“People in debt face the prospect of being trapped into longer repayment periods because of the cost of living crisis,” said CAS’ financial health spokesperson Jemiel Benison.
“The findings of this report are shocking and should have policy makers considering what more support can be made available,” he added.
Mr Benison has also described the government’s decision to cut Universal Credit payments by £20 once the worst of the pandemic was over as having had a “devastating impact on those in debt”.
If you live in Scotland and you are worried about your personal debt situation then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.
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