20% of people in Scotland are running out of money before payday, a poll from Citizens Advice Scotland (CAS) has found.
Broken down further the survey found that 11% run out of money most of the time. 9% of people said that they always run out of money before they are paid wages, pension payments or benefits.
As previously reported by Trust Deed Scotland® the cost of living energy bill increases and weekly food shopping price increases have caused many people across the country to use short term credit facilities including their credit cards and bank overdrafts to pay their essential household bills, borrowing their way out of short term crises.
With inflation and tax hikes, thousands of people across Scotland are struggling to cover the cost of day to day life.
With over 5,000 reviews, Trust Deed Scotland® have helped over 25,000 in Scotland and will continue to do so while the cost of living crisis continues to cause havoc to the everyday lives of many Scottish families.
Quite simply, people are facing an impossible choice in their spending with some people having to choose between heating and eating.
Myles Fitt a representative of CAS, a Scottish debt charity said “One in five people running out of money before payday is extremely concerning, given that these figures have seen an increase since 2021.
A real issue here is that incomes simply aren’t keeping up with costs. Social security payments like Universal Credit effectively fell in real terms this year, and that was after the decision last autumn to remove the £20 per week uplift to the benefit.”
Cost of Living Crisis Scotland: Get help with unaffordable debt
When you have unaffordable debt, it’s important to seek help as soon as you can.
In a recent survey of Trust Deed Scotland® customers, 57.40% of our customers waited more than one year before asking for help with their debt. 13.82% said that they waited 4 years or more before asking for help.
There are many reasons why individuals may put off seeking help with their debts including the fear of being judged, or shame and embarrassment about having a problem with debt. If you do feel like this then it’s important to understand that even before the recent Coronavirus pandemic many people have found themselves with unaffordable debt through no fault of their own and thankfully, there are solutions that can help almost everyone.
You do not need to deal with your debts alone. Speak to Trust Deed Scotland® today in confidence and see if we can help put you on the path to life after debt.
- Debt solutions that help individuals cope with rising living costs
- Peace of mind that unaffordable debt is under control
- Continued support until your debt free journey is complete
Use our Wizard tool to quickly check your options, or call us on 0141 221 0999 for advice.