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Debt In Scotland ~ Is It Getting Worse?

May 29, 2019

 

By now, the fact that there is a growing disparity between real wages and household income is something we are all too familiar with here in Scotland. It seems every week we are faced with new statistics stating things may get worse before they get better – whether you’re someone living on the bread line or a company finding it increasingly difficult to adapt in order to survive, nobody seems safe from the everyday struggle.

 

Of course it is clear that the gap between the rich and the poor is widening, but what is arguably a greater cause for concern is the fact that the number of people who can genuinely say they are comfortable financially is decreasing year upon year. A new study suggests that we can expect this decline in personal income to increase through until 2021 at the earliest – something that makes extremely bleak reading for many of us already feeling the squeeze.

 

The Trades Union Congress (TUC) have been touting this rapid decline for a number of years and these most recent figures do not make for good reading when it comes to personal debt in Scotland. Wages, they believe, will increase at a rate of around 16 per cent over the next four years but on the other side of the coin, debt is set to rise at an astonishing 42 per cent – three times faster than personal income. As local authorities struggle for enough funding to reinvigorate their catchment areas and businesses become increasing crippled by rising rates, it becomes increasingly difficult to know where to turn for impartial, informative guidance on a route to financial stability.

 

TUC general secretary Frances O’Grady said: “An average household debt of £29,000 is an awful lot of payday loans, credit card debts and bank overdrafts. In a healthy economy, workers’ wages grow faster than their debts. What we really need is a wages-led recovery, not a debt-fuelled bubble.”

In an economic climate that is still not built to support those in difficulty, this is a problem that looks set to remain as we move into the 2020s – unless we take evasive action ourselves to remedy the issue. How do we do this? The first port of call must be actively seeking advice from organisations that are well versed in this kind of debt relief service.

 

 

Here at Debt Relief Scotland, we believe the support we can offer will prove invaluable later down the line for those who feel as though they are in a constant battle with creditors. Through personalising our service for every case we deal with, we’re able to address the specific needs of every single person who seeks out our help. We know that everyone is different when it comes to their finances and that is why it is absolutely crucial that you aim to receive personable help before the economic situation issues further crippling repercussions over the next few years.

 

For many of us in Scotland, it can often feel as though we aren’t afforded the same support as the rest of the United Kingdom. That is why organisations such as ourselves here at Debt Relief Scotland are so important – we understand the difficulties that our country has experienced financially over the course of the not-so-distant past, and that’s why we feel we’re perfectly placed to help you take positive action against your snowballing debt troubles.

 

For more information on what we can do for you and your money worries, fill out our enquiry form and you can speak to one of our experienced consultants immediately and take the first steps towards that much sought after stability.

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