There’s no doubt that for people living in Scotland who are struggling with money, the stress and strain of their situation could create health problems and other financial issues.
Now a survey reveals that the average debt for people in the UK is standing at £8,000 per person and that’s not including outstanding mortgage debt.
Also, six million Brits fear they will never be debt free and 25% of those are struggling every month to make ends meet.
In addition, a survey from an online comparison website reveals that 62% of people worry about their personal debt levels.
The findings also reveal that 10% of those questioned had ‘maxed-out’ on their credit card and a many had been overdrawn in the past year.
Despite struggling with high levels of personal debt, one in three of those questioned said they were looking at taking on more debt such as loans, credit cards, car finance and a mortgage over the coming 12 months.
Just over one in three respondents admitted that they would never be in a position financially to help young family members which would bring to an end the ‘Bank of Mum and Dad’.
People are in serious financial difficulties
The findings are underlined with a study from the Financial Conduct Authority recently which found that 4 million people are in financial difficulties.
A spokeswoman for the comparison website said: “It may be difficult to see an end in sight but the worst thing for those in debt is to stick their head in the sand.
“Along with reining-in their spending, there are other routes to reduce debt.”
Indeed, for people living in Scotland there are some innovative methods of reducing personal levels of debt and tackling financial difficulties effectively.
For instance, it is possible to speak with experienced debt advisers to find out what these solutions are and there is a team available every day to speak with at Scotland’s Trust Deed.
Their expertise and advice is free and impartial which means those who are contacting the team do not have to follow the advice.
Routes available in Scotland to resolve debts
Among the potential routes available in Scotland to resolve debts include the debt arrangement scheme which is run by the Scottish government.
For those who sign up, the process is a legal agreement that will see them repay everything they owe over a longer period of time and while the agreement is in place, their lenders cannot hassle them.
There’s also the potential of undertaking a trust deed which is only available to people living in Scotland.
This is similar to a debt arrangement scheme except when the repayment period comes to an end, the amount of money that remains is considered to be unaffordable debt and is written off.
There are also other options available including which can be discussed by the debt advisers.
Struggling with debt in Scotland
As the spokeswoman from the comparison website made clear, it’s important that for those who are struggling with debt in Scotland do not bury their heads in the sand and actively do something to deal with their problems which can be a big step towards resolving them – so speak with the debt advisers at Scotland’s Trust Deed as soon as possible.