- 20
- Mar
An increasing number of Scottish people are experiencing debt problems, it has been revealed.
According to a study by PFK, some 1,305 consumers in the principality declared themselves insolvent in the four-week period leading up to March 9th as they struggled to make repayments on debt consolidation loans and other forms of borrowing, reports the Scotsman.
Corporate recovery partner Bryan Jackson said: "What we are continuing to see is a dramatic increase in the number of people unable to cope with ever larger debts and consequently viewing bankruptcy as the only escape."
Mr Jackson reported that increasing interest rates and rising utility bill had made "inevitable" that people had struggled with their finances.
The report also claimed that about 17,000 people could declare themselves bankrupt by the end of 2007.
Research by Credit Action claimed that Britain’s rising debt management problems had seen about 300 people become insolvent every day.
The charity pointed to research by moneysupermarket.com claiming 28 per cent of consumers had taken out a personal loan to aid their debt consolidation.
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