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 `are struggling with debt`

11/07/2007

People in Scotland have been struggling with debt and higher borrowing costs since the most recent base rate rises, it has been claimed.

Writing in the Edinburgh Evening News, Ian Brown, communications officer for Citizens Advice Scotland, said that debt problems top the list of consumer issues brought to the organisation`s attention.

House prices in Scotland have risen by 97 per cent, he said, adding that figures from the Council of Mortgage Lenders reveal that housing repossessions rose 65 per cent in 2006.

Additionally, he remarked that "mortgages are only one part of the overall debt-mountain that Britons have built up over the past ten to 15 years".

"Household borrowing, including mortgages, is now a staggering £1.3 trillion, the highest figure since records began - and it is increasing by £1 million every four minutes," said Mr Brown.

"We need to ask ourselves what has made us the most indebted nation in western Europe and how we can manage this down to more sustainable levels."

In related news, a MoneyExpert study indicates that 460,000 borrowers have failed to make at least one mortgage payment over the past six months.

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