As Christmas rolls around once more, high streets all over Scotland become busier and busier as the clamour for presents begins to reach fever pitch. While our hyper-consumerist society provides big businesses with huge profits over the festive season, for the normal Scottish citizen it is a completely different story.
According to a recent report released in The Scotsman, it isn’t just this Christmas that is proving to be the source of some extra financial headache. More than one in ten people throughout the country are still paying off their debts from last year, something that is undoubtedly cause for much concern for those of us with numerous outgoings or low incomes. With 12 per cent of people still feeling the strain of last year, Christmas debt seems to be a problem that is continuing to snowball with no sign of slowing down.
In 2013, over a third of people in the country are said to have borrowed money or successfully applied for credit to bankroll the costs of the Christmas period, and a further third of that number still owe creditors over £500. With many short-term fixes such as payday loan companies now readily available for people to temporarily plug their financial holes, it seems that the bigger problem has been widely ignored.
What does this mean for the coming year? Well, according to the report it is looking like this vicious cycle is set to continue. Of all the people that replied to the survey, 12 per cent of people again said that they will be forced to borrow further amounts in order to meet the demands of yet another expensive Christmas. Put into context, only half of those that responded to the survey have said that their earnings alone will cover the soaring costs they are faced with this year.
Ian Williams, part of the organisation that conducted the survey, has said ‘Christmas can be the most expensive time of year for many of us thanks to all of the present-buying and food prep, as well as the travel many of us are expected to do. This might be why some Scots feel the only way they can afford to celebrate is by using credit.’
All of this is symptomatic of Scotland’s wider debt problem. Such accumulation of debt can only lead to deeper financial worries later down the line, and people are being urged to seek help from experienced debt experts in order to remain above water throughout 2015.
Here at Trust Deed Scotland®, our Scottish debt help service is designed to help those with unaffordable debt make positive steps towards complete financial recovery. With Christmas on the horizon, it is important to gain control of your money before the problem becomes too difficult to manage.
The harsh reality of the situation is that once the fanfare of Christmas dies down, your financial issues will be impossible to avoid.
The pressure of creditors in the New Year, a time when everyone is short of expendable income, is one that can cause much stress and strain. With free, impartial advice, we are perfectly placed to ensure you don’t fall victim to Christmas debt this time around.
By contacting our team of experts here at Trust Deed Scotland®, you are making the first move towards a much-desired financial resolution. Whether that be a Scottish Trust Deed, Debt Arrangement Scheme or alternative solution.