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.
Sharon McDougall
Manager
Levels of unsecured debt in Scotland increased dramatically during 2022 as the cost of living crisis took its toll on household finances.
Close to half a million Scots are in a position of profound financial hardship, according to a new set of figures.
Disabled people in Scotland are being urged by the government to check whether they might be eligible for benefits that could help make their life a little easier.
About
Why Choose Us
5 Offices in Scotland
National Coverage
Ask us About
Home Visits
Helping Scots Get
Out of Debt Since 1989
We offer an
Instant Initial Consultation
We'll Help You
Lower Monthly Payments
HELPING SCOTS GET
Out of Debt Since 1989
We'll give you a call
Our Scottish based team can help advise you on your debt problems.
Tools
Useful tools
Our personalised debt report will help you better understand your financial position and see where your money is going.
Arrange a call with an expert advisor at a time to suit you or contact our team via WhatsApp for immediate help and advice.
We have five offices located across Scotland. Find your nearest one here.
Our Insolvency Practitioners are regulated by ICAS or the IPA and our firm is authorised and regulated by the Financial Conduct Authority
Fees and Information: There are fees associated with our services. These will be fully explained before entering into any of the personal debt solutions referred to on this website. Full details of our fees and how these are charged are fully explained to you prior to you committing to any particular service.