Scots 'attempting to reduce debt' - Credit cards - News - Moneyfacts


Scots 'attempting to reduce debt'

Scots 'attempting to reduce debt'

Category: Credit cards

Updated: 31/10/2008
First Published: 20/10/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers in Scotland are attempting to reduce the amount they owe through unsecured loans and credit cards, research has found.

Lloyds TSB's Financial Face of Britain report has revealed that 57 per cent are trying to clear debt, with over a third increasing the amount they pay back each month.

In addition, 17 per cent are switching their focus to the types of credit sources that generate the most interest, such as store cards.

But the study also found that 37 per cent of people in the UK as a whole are saving less, with more than four million people not having any savings at all.

Retail network director at Lloyds TSB Scotland Mark Cockburn remarked: "Saving is must for everyone … but it is difficult to put money aside with rising bills and ever increasing household expenses."

Last week Citizens Advice revealed that the amount owed through unsecured loans had dropped by four per cent over the last year.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

It’s looking to be a credit Christmas

We are now less than 70 days away from Christmas, and with 70% of people admitting they haven’t started saving yet, millions will be needing to play catch-up - and plenty planning to turn to credit for some Christmas spending relief.

Can no credit score be as damaging as a bad one?

Debt is becoming an increasing problem, which is why those who have no credit commitments often feel pretty smug about it. However, while not relying on credit is admirable, having no credit score can actually be just as damaging as having a bad one.

Know your credit score – key to better borrowing

We all know how important it is to be credit savvy. It’s the only way to make credit work, which is why it’s so concerning that so few people know their credit score – and some don’t even know how much they’re borrowing.