Scots `taking action to clear debts`

14 October 2008

Consumers in Scotland are increasingly taking action to cut their level of debt, it has been found.

A study conducted by Lloyds TSB Scotland revealed that 57 per cent of adults surveyed in the country have begun to tackle the issue.

Reportedly, 36 per cent have increased the amount by which they pay off their debts each month, while 17 per cent are focussing on repaying more of their high-interest debt - such as store cards.

However,41 per cent of Scottish consumers are also said to be saving less, meaning they could find their personal finances stretched in the future.

"Saving is a must for everyone. With economic conditions set to become more challenging, having the comfort of a savings nest-egg could be a lifeline for many Scots families during these difficult times," warned Mark Cockburn, retail network director at Lloyds TSB Scotland.

Meanwhile, research published recently by Unbiased.co.uk suggested that consumer borrowing reached £5.9 billion in the second quarter of this year, representing a rise of £757 million compared to the same period in 2007.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).