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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 It is now over 6 months old so the content may be out of date.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.

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