Salford, United Kingdom, October 26, 2011 --(PR.com
)-- Debt Advisory Centre Scotland has advised people repaying debts to take measures to ensure they can keep on top of their repayments in the current climate - and to get professional advice as quickly as possible if they fall into any debt problems.
The advice comes in response to research from insolvency trade body R3, which found that Scottish residents have taken on more additional debt than anywhere else in the UK. As reported by the BBC, R3's 'Personal Debt Snapshot' from July 2011 revealed that 13% of people in Scotland had taken on extra unsecured debt since the previous quarterly survey (compared with 12% in the rest of the UK), and 43% of Scots admitted they struggled to make it to the day they get paid.
Though taking out credit can be a convenient way of borrowing some extra cash from month to month to cover costs, in the current climate - with rising living costs causing many households to feel the pinch - anyone taking on debt should remain particularly careful about keeping on top of their repayments.
An expert at Debt Advisory Centre Scotland
"Taking on debt is always a risk - and in the current climate, the likelihood of falling into debt problems is higher than normal. With rising inflation, increasing energy costs and falling disposable incomes, keeping on top of your monthly repayments could be harder work than first anticipated - and could put your budget under considerable strain.
"If you're repaying debts, there are a number of steps you can take that could help you to make repaying them that little bit easier - and help to prevent you missing payments, which could lead to extra charges and further worries about your financial security.
"Take a clear look at your budget and see if there are any changes you could make to improve it. If your income is being particularly squeezed, consider ways you could increase it: finding out if you're entitled to any benefits, for example, working some overtime, or selling any old items you no longer use.
"You could also think about keeping a 'money diary' that lists all your financial priorities from month to month, so you can keep track of when your monthly repayments are due and reduce the possibility of missing them.
"However, if you have to borrow regularly just to cover everyday costs, or you're having difficulties making your debt repayments, it's important you speak to a professional debt adviser as soon as possible. There are some debt solutions exclusively available to Scottish residents - such as the Debt Arrangement Scheme (DAS) - that could help you repay your unsecured lenders at an affordable rate."