With news that household finances in Scotland are coming under increasing pressure because of soaring prices means growing numbers of people will find it more difficult to make ends meet.
The Office for National Statistics has reported recently that due to inflationary pressure, the value of earnings for people in the UK has fallen by 0.6% over the last 12 months.
While this does not appear to be a huge amount, for those who are struggling with low or stagnant incomes means their outgoings are increasing while their income is not.
However, by making the right choices, for people living in Scotland it is possible to reduce the cost of being in debt and to get out of debt altogether.
Indeed, one savings expert at a Scottish investment provider explained that with inflation increasing to 2.9% means that for those who are seeing their wages not keeping up will be most affected.
He explained to one newspaper: “It should be no surprise that consumers are now ready to cut back on outgoings or, in rising numbers of cases, they are turning to credit for their day-to-day living costs which is becoming more expensive.”
Scottish debt advice charity
Indeed, a recent survey for a Scottish debt advice charity found that more than half of workers in Scotland run out of cash before payday.
In addition, 55% of Scots say they could not pay a bill of £100 without having to borrow the money or use their savings.
Should a larger bill land on their doormat, then even fewer Scots will be able to pay it.
With 75% of those having an unsecured debt – whether it’s in the form of bank overdrafts, personal loans or credit card balances – means a lot of us are also paying more than we need to in bank interest and charges.
One financial comparison website says people in Scotland should shop around for cheaper bank accounts and loans in a bid to save money.
The debt charity also says: “With debt in Scotland being so pervasive, we want to ensure that more people know what their rights are in relation to debts and what potential options are available for managing their finances.”
Finding out about potential debt solutions
One of the best ways of finding out about potential debt solutions is to speak with the team of experts at Scotland’s Trust Deed who will have information and advice about the route to better financial health.
For those who do not want to speak with an adviser, there is an online debt test on the website which will give an indication of the solutions available.
However, for those people in Scotland struggling with debts who do speak with one of the friendly Scotland’s Trust Deed debt advisers, then their conversation will be confidential and any help and advice offered is impartial.
Basically, for those in Scotland looking to resolve their debts then it’s good advice to seek help rather than ignoring the issue because it’s not going to go away.
While increasing numbers of Scots are struggling with debt, this looks set to get worse as inflation picks up but wages do not keep pace; for those on low incomes and for those on benefits, then their financial situation could get very much worse.
Debt advisers at Scotland’s Trust Deed
And, as mentioned previously, one of the best ways of finding out what the potential debt solutions might be available, then it is time to speak with the team of debt advisers at Scotland’s Trust Deed for more information.