Home > News > Debt in scotland

Initiative announced to support Scottish people in debt More Scots with extreme credit card debts, charity reports Govt actions `could lead to debt for pensioners` Middle-class families in south-east `most in debt` Scottish bankruptcies double BBC Scotland looks at effects of debt on health Scotland avoids house price decline Optimism for Scottish economy Demand for staff in Scotland highest in UK Scots `faring better from credit crunch` Scottish markets "remarkably robust" Crunch `affecting Scottish consumers worse` Scots `feel inflation to be 8.4 percent` Scots calm as UK `goes switching crazy` Scottish house prices `dropped at end of 2007` Debt problems grow for Scots as bankruptcies soar Scots `positive` over new year debts Generous Scots spreading festive cheer Areas of Scotland `most indebted in the UK` Scottish house prices soar

Scots `faring better from credit crunch`

06/06/2008

Borrowers in Scotland are faring better in the fall out from the credit crunch than in other areas of the UK, a new study has revealed.

While in the first quarter of 2008 the number of home loans approved for purchase in Scotland dropped by 20 per cent on the same period a year before, in the UK as a whole, loans for house purchases fell by 40 per cent in the same period.

Figures from the Council of Mortgage Lenders (CML) also show that borrowers in Scotland typically borrow less money relative to their incomes, with the average Scot loaning 2.87 times their income in comparison to the 3.14 in the UK as a whole.

CML Scotland policy consultant Kennedy Foster said: "There has been less of an impact in Scotland than the rest of the UK as affordability is better here, meaning borrowers have been less affected by the tightening in lending criteria."

Meanwhile, the CML claimed that the Bank of England`s decision to hold interest rates was "expected".

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according