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Wednesday, 20 July 2011

Personal debt becoming a problem in Scotland

The recent figures from the Accountant in Bankruptcy (AiB) report 5,319 personal insolvencies in Scotland in the first quarter of 2011.  This is slightly down on the same quarter last year but the main issue is that there has also been a marked increase in the number of Debt Payment Programmes awarded through the Debt Arrangement Scheme (DAS), up 35 per cent from the previous quarter and an increase of 30 percent from the same quarter of the previous year. The number of people opting for the voluntary protected trust deed to help write off their debts rose up by 51%.

Obviously personal debt problems will affect corporate earnings in the retail sector first but it

will eventually affect other businesses. 

It is certainly a statistic worth following.  Scotland has a high proportion of public sector workers and the full effect of the cuts have not yet been fully felt.

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