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The Number of Young Scottish People in Debt is on the Rise

January 16, 2019

 

 

 

 

Austerity measures throughout the UK have caused financial difficulty for a number of groups as the government have cut grants to councils and support streams for individuals. As a result, millions of people are struggling to afford paying for their food, rent and household bills. Therefore, it should come as no surprise that young people in Scotland are included in those suffering financially.

 

With organisations and politicians under increased scrutiny to lower their expenditure, there is a lack of employment options for all Scottish and UK residents in general, which has negatively affected the financial security of those aged between 16 and 24.  10% of British people in this age group are finding the current economic climate from 'difficult' to 'very difficult' according to a recent report published by the Office for National Statistics (ONS).

 

Research carried out by Citizens Advice Scotland alarmingly revealed that a quarter of young people in Scotland have been in debt before turning 22. Approximately a third of all debts exceeded £5,000, placing a huge amount of pressure on Scotland’s youth.

 

When finances are stretched, one short-term fix that a large number opt for is a risky loan from payday loan companies. These lenders may seem like a competent way of combating debt at the time, but their high interest rates often result in customers being worse off than before and so their their financial difficulties are prolonged.

 

An adequate way of reducing your debt without the threat of spiralling interest rates is by choosing to receive support from us at Debt Relief Scotland. Unlike payday lenders, those who sign up for a Trust Deed settlement only repay what they can afford. Our motives are to help people in need of financial support, not boosting profits as loan companies often do..

 

More evidence from the ONS demonstrated that unemployment for Scottish youngsters rose by 9% in the last 10 years, with 21% of young people jobless. Late teenagers and people in their early twenties should not be worrying about their economic situation and we are committed to offering affordable repayment plans here at Debt Relief Scotland. In most cases, you will have 2 years to repay what you owe meaning you shall be able to keep your home and car. These are also speedy to set up – taking around 5 or 6 weeks generally. This eases the burden of debt on our clients who regain a sense of freedom from paying back affordable monthly fees. Another advantage of course with managing your debt with a Trust Deed is that creditors are powerless to take legal action as soon as your Trust Deed is protected.

 

If you would like to know how Debt Relief Scotland can help you, then just submit your details and one of our friendly experts shall call you back as soon as possible (Mon - Fri, 8am - 8pm).

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