Rising debts could increase consolidation needs in Scotland
Rising debts could increase consolidation needs in Scotland
Monday 13th July 2009
According to the Guardian Financial Group, average consumer debt in Scotland stood at £6,598 in June, as reported in the Daily Record.
The figures are indicative of an escalating inability among Scottish nationals to cope amid the economic crisis and could result in increased debt management needs, including the consolidation of debts for those who have borrowed from a number of credit streams.
An average debt increase of more than £1,500 over a two month period is of particular concern when considered in conjunction with the fact that 64 per cent of borrowers have no pay-back plan in place.
A further 79 per cent had not informed their partner of their financial difficulties.
Gary Forrest, chief executive of Guardian Financial Group, said that while personal debt responsibility ultimately lay with the consumer, credit lenders needed to reduce the long-term cost, and therefore impact, of the debt.
He said: "The shocking increase in average levels of personal debt is taking its toll. Over half of adults in the UK with these debts report being actively worried. Some are losing sleep.
"We call on credit companies to be much more responsible lenders. Putting up interest rates is definitely not the way to go about it."
Mr Forrest added that average credit card rates had increased disproportionately over the previous half year.
News article brought to you by Debt1 – UK debt management specialists.
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