- 27
- Apr
Scottish consumers are experiencing record levels of debt, new figures reveal.
According to a study by the Edinburgh Gazette, some 3,860 people in the principality declared themselves insolvent during the first three months of 2007 as they struggled to make Debt Consolidation loan repayments, a rise of about 25 per cent from the same period last year.
Corporate recovery partner for PKF Bryan Jackson told the Glasgow Evening Times: "What these figures indicate is that there is no end to the personal debt problem in Scotland."
Meanwhile, a spokesperson from Citizens Advice Scotland claimed debt management is the charity’s largest issue.
He said: "Many households are only a couple of pay packets away from their Loans or credit turning into unmanageable debt."
Scotland’s debt problems were attributed to an increase in utility bills and interest rates and a "spend now, worry later" culture.
Last month, Mr Jackson suggested that about 17,000 Scots could declare themselves insolvent by the end of this year as borrowers struggle to make loan repayments.
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