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“It is extremely worrying to discover how reluctant people are to seek the relevant help when they find themselves in difficult financial positions.

The reaction comes following a recent case study detailing the spiralling financial problems experienced by Scottish people in recent years, with the number of people with priority debt arrears continuing to increase.

Around 40 per cent of all debt in Scotland is now believed to fall into this category as Scotland still struggles to cope with the growing disparity between living costs and living wages. This category of debt – one that includes mortgage or rent arrears, gas and electricity arrears, council tax arrears, court fines and missed child maintenance payments – is now treated as a priority by many debt advice services.

The study believes that many people choose to ‘exhaust all other forms of credit to pay for their housing costs before seeking help’ – an alarming finding and one that signals that the stigma of seeking financial help is still extremely prevalent in today’s society. This, combined with a 20 per cent increase in the number of people taking out payday loans and then finding the high interests rates difficult to pay back, paints a troubling picture of the quality of life for a substantial percentage of the population.

A spokesperson for Trust Deed Scotland, one of the country’s most prominent debt advice services, has released a statement in response to the new figures: “It is extremely worrying to discover how reluctant people are to seek the relevant help when they find themselves in difficult financial positions.

“As a nation, we are becoming more insular when it comes to debt problems and unfortunately this is an attitude that only makes things worse in the long run. It’s unquestionable that getting back on the right financial pathway is a difficult process but debt challenges must be tackled sooner rather than later in order for people to stand the best chance of doing so.

“Here at Trust Deed Scotland, our team of financial consultants are perfectly placed to help you take the first steps out of the red. We urge anyone who feels they may be losing control of their assets to get in touch with us immediately.”

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.

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.