Whilst many of us these days are struggling with our personal debt levels, it seems as though people in Scotland are determined to take action to try and reduce their debts. Recent figures have shown that more people in Scotland are paying down their debts than in any other part of the country. Over the past twelve money many Scots have managed to reduce their debt levels based on the study, which was carried out by the Centre for Economics and Business Research.
The study showed that more than a quarter of Scots were now in less debt now than they were this time last year. The national average when it came to the number of people in less debt than last year in Scotland was 27.6 percent according to the latest Credit Confidential Credit Report.
The figure for Glasgow was higher than the national average, with 32 percent of people in the city being in less debt than they were a year ago. In Edinburgh the figure was 19 percent, but although it was lower than the national average it was still higher than other capital cities across the UK such as London, which stood at 15 percent and Cardiff which stood at just 4 percent.
Tags: reputable sources, Business Research, anyway, glasgow, Recent figures, inflation, scotsA Credit Confidential official said: “The recent debate, stoked by David Cameron suggesting people pay off their credit card bills, seems to be redundant for many Scots as they have been offloading debts in the past three months anyway. However, with Christmas coming, unemployment rising and inflation increasing, if consumers cannot access credit easily from the high street and traditional lenders, some may be forced to borrow from less reputable sources such as loan sharks.”
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