Austerity measures throughout the UK have caused financial difficulty for a number of groups as the government have cut grants to councils and support streams for individuals. As a result, several people are struggling to afford paying for their food, rent and household bills.
Therefore, it should come as no surprise that young people in Scotland are suffering financially.
With organisations and politicians under increased scrutiny to lower their expenditure, there is a lack of employment options for all Scottish and British residents which has negatively affected the financial security of those aged between 16 and 24. Ten per cent of British people in this age group are finding the current economic climate ‘difficult or very difficult’ according to a recent report published by the Office for National Statistics (ONS).
Research carried out by Citizens Advice Scotland alarmingly revealed that a quarter of young people in Scotland have been in debt before turning 22. Approximately a third of all debts exceeded £5,000 placing a huge amount of pressure on Scotland’s youth.
When finances are stretched one short-term fix a large number opt for is a risky loan from payday loan companies. These lenders may seem like a competent way of combating debt at the time, but their high interest rates often result in customers being worse off than before so their difficulties prolong.
An adequate way of reducing your debt without the threat of spiralling interest rates is by choosing to receive support from us at Trust Deed Scotland, thanks to our 5/5 TrustPilot rating from thousands of reviews. This gives our company unrivalled credibility and vital trust for people in hardship.
Unlike payday lenders, those who sign up for a Trust Deed settlement only repay what they can afford. Our staff’s motives are to help people in need of financial support, not boosting profits as loan companies often do.
More evidence from the ONS demonstrated that unemployment for Scottish youngsters rose by nine per cent in the last 10 years, with 21 per cent of young people jobless.
Late teenagers and people in their early twenties should not be worrying about their economic situation and we are committed to offering affordable repayment plans here at Trust Deed Scotland. In most cases, you will have two years to repay what you owe meaning you shall be able to keep your home and car.
These are also speedy to set up – taking around five or six weeks generally. This eases the burden of debt on our clients who regain a sense of freedom from paying back affordable monthly fees.
Another advantage of managing your debt with a Trust Deed is that creditors are powerless to take legal action as soon as your Trust Deed is protected. With young unemployment rising, the number of 16 to 24-year-olds in debt has also increased.
Our offices and phone lines are open in Edinburgh, Aberdeen and Glasgow for anyone who needs urgent support for their cash problems. One of our friendly experts shall be willing to speak with you today. We’ve been giving Debt Advice in Scotland since 2009 and became the No.1 rated on TrustPilot.