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CCCS regional statistics provide insight into Scottish debt
The Consumer Credit Counselling Service (CCCS) gathers a massive amount of data each year enabling them to produce an insight into UK debt. Increasingly regional data is becoming available which is useful in providing a comparison between personal debt levels in Scotland compared to those in the rest of the UK.
Scottish debt solutions themselves vary considerably from those available elsewhere in the UK. Protected trust deeds and debt arrangement schemes are only available in Scotland. Bankruptcy is available throughout the UK but operates under different laws and rules in Scotland.
The average level of debt in the UK is £22,746 (this is the figure for an individual who has already been in touch with CCCS). The figure in Scotland is far lower than this at £17,969. Scotland actually has the lowest average level of debt recorded in this survey, contrasting starkly with the £23,925 owed by someone in the South-East of England.
1178 debt management plans were set up by CCCS in Scotland in 2010. The average for a UK region was 2171, although proportionality to population size has not been factored into the equation. The lower figure in Scotland is likely to be as a result of more people being advised to look into the possibility of a debt arrangement scheme as opposed to a debt management plan.
Residents in Scotland, thanks to their lower average debt totals, appear to be less financially exposed than those in other parts of the UK. However, the CCCS report draws reference to the fact that along with Northern Ireland, Wales and the North-East of England, Scotland is highly exposed to public sector cutbacks.
Increasing numbers of individuals who are out of work, perhaps as a result of these cutbacks, is an almost certain indicator of further debt distress down the line. Unemployment in general, and periods of unemployment following redundancy in particular, are well-understood to increase the likelihood of the requirement for a serious debt solution such as a protected trust deed further down the line.
If you live in Scotland and would like to receive further information regarding protected trust deeds, our forum can provide all the advice and support you need. Alternatively, call our advice line on 0800 043 7201, and one of our friendly team of debt professionals will be delighted to help.
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