Most Brits are confident they can repay their debts, Trust Deed Scotland responds
A new survey published on This Is Money suggests that the majority who have borrowed to consolidate debt or to buy a vehicle are confident they will be able to repay the debt.The survey also shows that men feel more confident in this than women do. The statistics showed that around one in eight people feel assured that they will be able to pay their personal loans, credit cards and overdrafts over the next six months. Around 45 per cent of men stated that they felt very confident about this, in comparison to only 40 per cent of women.
This official data has shown that Britons have taken on more debt in recent months than they have at any other time since 2008. Experts are now warning that these debts may quickly become unmanageable once interest rates start rising. The survey of nearly 4,000 adults in the UK found that the main reason for taking on a loan was to consolidate debt, with around 27 per cent stating that they wanted all of their debts in one place.
As experts in personal debt, Trust Deed Scotland takes a keen interest in relevant industry news. A spokesperson from the company made the following statement. “The survey published on This Is Money implies that confidence in consumer finances is continuing to grow. While this is considered a positive development for many, it is also imperative that consumers do not grow over-confident or complacent with their borrowing and spending. It is all too easy for consumers to develop a false sense of financial security. When interest rates rise, debtors may struggle to keep their debts in check. Confident or not, it is important to regularly review your finances.”
Trust Deed Scotland® Ltd is a leading debt advisory service for Scottish residents. They are 100% owned and operated in Scotland, with a 98% Trustpilot rating owing to their free, qualified debt advice. They are able to advise on the suitability of Trust Deeds and a number of alternatives, including The Debt Arrangement Scheme, Debt consolidation and Sequestration.