The pressure of debt in Scotland

As the spectre of independence continues to hover over the Scottish economy it is believed that many companies are withholding further investment until the situation is clear. As a consequence the Scottish workforce is struggling with debt in Scotland rising over the last few months.

Coping with debt in Scotland

For those who have fallen on hard times there is no doubt that the physical and mental pressure can have a major impact upon your life. However, there are many agencies out there that will assist you in tackling your debt problems and indeed for those who are suffering from stress there is nothing wrong with going to see your doctor.

Until you are clear in your mind it will be difficult to find a solution and to see any light at the end of the tunnel but the reality is that help is at hand.

Burying your head in the sand

The worst thing you can do if you are struggling financially is to bury your head in the sand and hope that everything will go away in due course. The only thing that will happen, guaranteed, is that your financial situation will get worse and worse and then when you finally do decide to do something about it then it may well be too late. This is the natural instinct of anybody suffering undue stress or undue pressure but it is one that you need to avert with regards to financial issues.

Control your spending

When you consider that just a saving of £10 a day will amount to around £300 each and every month there really is scope to reduce your spending, no a matter what you are spending your money on. We can all find ways to cut back on our expenditure in the short-term, we can all tighten our belts a little and we can all learn to live within our means. However, before you can even consider controlling your spending you need to know exactly where your funds are going and how much is being spent every month.

Luxuries may need to go out of the window

The thing about modern day life is that items such as Sky TV, broadband, multiple mobile phones, etc are seen as must have luxuries when in reality they are not. The truth is that there are many items which we use on a daily basis that we could survive without and indeed there are many phone contracts we could renegotiate at a much lower level. There is nothing wrong in tightening your belt in the short to medium term to reduce the financial pressure because ultimately if you don’t then it will get worse.

Enjoy your life again

The worst you can do with regards to financial stress and financial hardship is to keep on spending at a rate that is out of control. We all have friends, family members and partners we would like to help but sometimes we need to say no without even having to explain ourselves. There are many of us who have a soft heart and are more than willing to give friends and family our last pound - but why?

For many of us if we turn the tables with our friends and family members would they be as forthcoming in our situation as we have been? Would they really be at your beck and call and give you their last pound?

Conclusion

The vast majority of people who struggle with debt in Scotland, and indeed anywhere around the world, are more than happy to bury their head in the sand and assume that everything will turn out right. The truth is that if you are in financial trouble the chances are it will get very much worse before it gets better and indeed you may need to act sooner rather than later. Cutting out luxuries and expenditure which is not critical can give you some breathing space in the short to medium term but for many of us we may need to look down the route of trust deeds, bankruptcy, arrangements with creditors and other such options available.

There is nothing wrong in tackling your financial problems but there is something wrong in burying your head in the sand and hoping it all comes right.

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