Scottish debt 'reaching crisis levels'
www.moneynews.co.uk > Debt > Scottish debt 'reaching crisis levels'
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Money News |
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Scottish debt 'reaching crisis levels'
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The average Scot seeking advice on debt now owes an average of more than £13,000, according to a survey - a rise of 64 per cent from 2001.
Data from the Citizens Advice Scotland (CAS) shows that consumer debt is getting even worse in lower income groups.
Over the past two years the service said that the ratio of debt to income among clients rose by 78 per cent.
The report, On the Cards, claims that consumer debt is now the single biggest issue that people in Scotland bring to each of its 70 bureaux.
Last year CAS advisers dealt with new debt alone totalling £123 million.
More than 20 per cent of those surveyed for the report had debts of more than £20,000, while more than a quarter had debts of between £10,000 and £20,000.
Of those surveyed, 54 per cent had an income of less than £800 a month, while 24 per cent got by on less than £400 a month.
More than half of the group had no income other than pensions or benefits, but more than a quarter of them had at least one credit card or store card, an overdraft or council tax debt.
One in five had a personal unsecured loan or catalogue debt.
CAS chief executive, Kaliani Lyle, said: CAS chief executive Kaliani Lyle said: "Dealing with debt can have a devastating impact on people's lives.
"Our experience is that the vast majority of CAB clients do want to honour their commitments.
"However, this research suggests that some people will never be able to repay the substantial sums they owe, due to the sheer scale of debt."
She added: "Lack of access to affordable credit, limited bargaining power and the marketing techniques of many lenders suggests that there is clearly a need for greater consumer protection, particularly for low income clients."
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