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Trust Deed Scotland

As tempting as short-term credit is, I would urge anyone in Scotland struggling with debt to seek professional help

Scottish debt advisory service, Trust Deed Scotland, has urged those struggling with debt to seek help rather than credit after a new study revealed that average wages have fallen in real terms by £50 a week since 2008.

According to research by the TUC, average weekly earnings in the UK have been falling for seven years in a row, the longest stretch since records began in the 1850s. The report follows official data from the Office for National Statistics last month, which showed that average annual pay growth has improved slightly but is still well below inflation at 0.7%.

Figures covering June to August revealed a marginal improvement on 0.6% recorded a month before, but represent an extension to the real term squeeze on wages. A steep fall in bonuses at the bailed-out banks has been attributed as a major contributor towards keeping the number down.

It increases the prospect of further delays to a rise in interest rates, with expectations for the first hike already pushed back well into next year with inflation at a five-year low of 1.2% and fears over the global economic climate.

Despite a brief edge ahead earlier this year, wages have not consistently risen at a higher rate than inflation since 2008. TUC general secretary, Frances O’Grady, was at pains to point out the gravity of the situation should things not improve, saying: ‘People are increasingly being forced to use their credit cards and dwindling savings to make ends meet, and unless Britain gets a pay rise soon the UK’s personal debt problem will get even worse.’

As one of Scotland’s most eminent debt advisory services, Trust Deed Scotland says the figures are something of a reality check following the recent news that individual bankruptcies in Scotland have fallen to their lowest level in six years.

Director at Trust Deed Scotland, Mark Somerville, said: ‘Bankruptcies might be at their lowest level since 2008, but the sustained depression of wages in Scotland and the rest of the UK means the number of people either in serious debt or in danger of falling into it, remains at an all-time high.

‘As tempting as short-term credit is, I would urge anyone in Scotland struggling with debt to seek professional help. Trust Deed Scotland has a wealth of experience when it comes to providing advice and helping to facilitate repayment arrangements like Trust Deeds, that are affordable and sustainable, rather than trying to supplement income with further loans that are only going to exacerbate your debt problem in the long-term.’ He added.

Trust Deed Scotland Ltd is the 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. Knowledgeable about all kinds of debt resolution methods, 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.

This press release was distributed by ResponseSource Press Release Wire on behalf of Trust Deed Scotland in the following categories: Personal Finance, Business & Finance, Public Sector, Third Sector & Legal, for more information visit http://pressreleasewire.responsesource.com/about.